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Kulpatra Sirodom, Cristian Loza Adaui, André Habisch, Theodore Malloch and Gilbert Lenssen
Nur Yusliana Yusoff and Rusni Hassan
This paper aims to highlight provisions that may attract corporate criminal liability (CCL) in legislation and regulations enacted in Malaysia. Further, this paper identifies gaps…
Abstract
Purpose
This paper aims to highlight provisions that may attract corporate criminal liability (CCL) in legislation and regulations enacted in Malaysia. Further, this paper identifies gaps or obstacles in the implementation of CCL in Islamic banks (IBs) in Malaysia.
Design/methodology/approach
This research adopts the qualitative methodology. More specifically, it uses normative legal research by focusing on primary and secondary data obtained from legislation, regulations, decided case laws, guidelines, law textbooks and bank annual reports in relation to CCL provisions. It also conducts semi-structured interviews with different categories of experts, including legal practitioners (lawyers), regulators from Bank Negara Malaysia (BNM) and Securities Commission Malaysia, officers of the Attorney General's Chambers and officers from legal departments in IBs.
Findings
The results conclude that IBs should implement the law on CCL because they are considered corporations. It is also found that not all IBs complied with CCL provisions brought corporate offenders before the court.
Research limitations/implications
This research is restricted by its specialisation in CCL in IBs in Malaysia.
Practical implications
The CCL provision has to be implemented effectively by IBs to achieve the benefit. However, not all IBs implement CCL provision properly. The understanding created by the interview data illuminates the challenges in implementing CCL provisions. Thus, this paper seeks to change the approach in the implementation of CCL provisions by IBs in Malaysia.
Originality/value
The paper touches upon a new area, notably CCL in IBs, which is not well researched in past literature. Although there is a vast research on CCL, corporate crime in IBs in Malaysia is still an unexplored area. This study gives light on the implementation of CCL provisions in IBs.
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This paper reviews the recent collapse of two cryptocurrency enterprises, FTX and Celsius. These two cases of institutional bankruptcy have generated criminal charges and other…
Abstract
Purpose
This paper reviews the recent collapse of two cryptocurrency enterprises, FTX and Celsius. These two cases of institutional bankruptcy have generated criminal charges and other civil complaints, mainly alleging fraud against the CEOs of the companies. This paper aims to analyse the fraud leading to these bankruptcies, drawing on key concepts from the research literature on economic crime to provide explanations for what happened.
Design/methodology/approach
This paper uses a case study approach to the question of how large financial institutions can go off the rails. Two theoretical perspectives are applied to the cases of the FTX and Celsius collapses. These are the “normalisation of deviance” theory and the “cult of personality”.
Findings
In these two case studies, there is an interaction between the “normalisation of deviance” on the institutional level and the “cult of personality” at the level of individual leadership. The CEOs of the two companies promoted themselves as eccentric but successful examples of the visionary tech finance genius. This fostered the normalisation of deviance within their organisations. Employees, investors and regulators allowed criminal and highly financially risky practices to become normalised as they were caught up in the attractive story of the trailblazing entrepreneur making millions in the new cryptoeconomy.
Originality/value
This paper makes a contribution both to the case study literature on economic crime and to the development of general theory in economic criminology.
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