Bidmyasset.auction are our Marketplace websites and together constitute our Site. Our Site allows Users to offer, sell, bid on, and buy just about any asset in a Ringgit Malaysia pricing formats at locations across the world. Our Site is a core component of the Services that we provide.
We provide guidance to Users as part of our Services, such as pricing, reserves, shipping, inventories, photographing, listing creation, and related services. Such guidance is solely for informational purposes. A User may decide to follow guidance, or it may not. Further, while our customer support team may help facilitate the resolution of disputes through various programs, we have no control over and do not guarantee any of the following: the existence, quality, safety or legality of items advertised; the truth or accuracy of Users’ content or listings; the ability of Sellers to sell items; the ability of Buyers to pay for items; or that a Buyer or Seller will actually complete a Transaction or return an item.
Users who are Buyers are automatically registered as a Buyer on our Site upon such Buyer’s acceptance of this Agreement. We refer Buyers to our Buyer Terms & Conditions that explains the process of how a Buyer contracts with a Seller to purchase an Asset in a Transaction.
i. upload, post, email, transmit or otherwise make available any content that: (i) is illegal, harmful, threatening, abusive, harassing, tortious, defamatory, vulgar, obscene, libelous, invasive of another’s privacy, hateful or otherwise objectionable; (ii) may not be made available under any law or under contractual or fiduciary relationships (such as confidential or proprietary information learned as part of an employment relationship or under a non-disclosure agreement); (iii) infringes any patent, trademark, trade secret, copyright or other proprietary right of any party; (iv) consists of unsolicited or unauthorized advertising, promotional materials, junk mail, spam, chain letters, pyramid schemes, commercial electronic messages or any other form of solicitation; (iv) contains software viruses or any other code, files, programs or devices designed or intended to interrupt, destroy or limit the functionality or proper operation of our Services or any software or hardware comprising our Site; or (v) violates the terms of this Agreement;
ii. impersonate another person or entity (including, but not limited to, our employees or agents) or falsely state or otherwise misrepresent such User’s affiliation with another person or entity;
iii. use our Services in any way that violates any local, state, provincial, federal, national or international law or regulation or that is otherwise prohibited by this Agreement, including, without limitation, laws prohibiting the export of certain Assets and laws requiring a Seller to have an export license for selling to a Buyer that is not the same nationality of the Seller;
iv. use our Services in any manner that could damage, disable, overburden, or impair our Services;
v. use our Services if such User cannot form a legally binding contract (for example, if the User is under 18 years old);
vi. use our Services if we have temporarily or indefinitely suspended such User’s account;
vii. use our Services if such User is a Restricted Person;
viii. take any action that imposes an unreasonable or disproportionately large load on our Site or our support infrastructure for Services;
ix. interfere with or disrupt any computer networks involved in the provision of our Services or disobey any requirements, procedures, policies or regulations of networks connected to our Services;
x. interfere with another’s use of our Services;
xi. use our Services in such a way as to gain unauthorized access to our computer systems or the computer systems of others;
xii. sell, share, transfer, trade, loan or exploit for any commercial purpose our Services, including, but not limited to, any User’s account and password; and
xiii. use spiders, crawlers, robots or any other similar means to access our Site or substantially download, reproduce or archive any portion of our Site, or otherwise engage in any data-mining activities using our Site or Services; and
xiv. engage in shill bidding, (i) which is the act of bidding on your own Assets, either directly or indirectly, in an effort to artificially raise the price at which your Assets will eventually sell; (ii) which includes, but is not limited to, criminal or civil violations of applicable law as well as knowingly directing or allowing a third party to perform the artificial bidding against other legitimate bidders in the auction or sales event; and (iii) provided, however, notwithstanding the foregoing and where permitted by law, Liquidity Services may enter bids on a Seller’s behalf, including when we act as the Seller, up to (but not including) the reserve price on any Assets in any auction conducted pursuant to this bidding.
1. withdraw any Assets offered for sale;
2. if Assets have been grouped together for auction as a single Listing, combine (including in bulk), sub-divide, alter or amend any Listing;
3. regulate bidding on any auction including, but not limited to, refusing to accept any bid or facilitating automatic bids on behalf of Buyers;
4. delay or rescind the sale of any Asset for any reason;
5. delay or condition removal from the premises upon which the Assets are located, subject to such conditions as we think are fit to impose if, in the Seller’s opinion or our opinion, removal of any Assets or part thereof will be likely to cause serious damage to the Seller’s or our premises or any other damage that the Buyer is either unable or unwilling to rectify or if any removal is being done without an approved method statement or risk assessment where such a statement or assessment is required; and
6. delay or rescind a Transaction if any party should claim possession of or title to all or part of an Asset prior to its removal from the Seller’s or our premises. If any of the above occur, our liability is limited to only the return to Buyer of the purchase price and any commissions, premiums or fees paid by Buyer with respect to such Listing.
1. accept or reject any Listing, offer to sell or purchase, bid or order;
2. limit the bid or order amounts proposed by a Buyer, either alone or in the aggregate;
3. refuse to do business with any User, including any existing or former User;
4. limit, suspend, restrict or terminate our Services, a User’s account, a User’s access to our Services and a User’s activities using our Services with or without cause or notice to a User;
5. limit or cancel quantities purchased (e.g., per person, per business, per household or per order);
6. revoke any stated offer to correct any errors, inaccuracies or omissions, including after a bid or offer to purchase has been submitted and whether or not the bid or offer to purchase has been confirmed or payment has been received;
7. modify or discontinue part or all of our Services at any time;
8. make any bid or offer to purchase contingent on providing valid credit information, funding earnest money for a bid, or entering into a standalone bid deposit agreement and making a bid deposit; and
9. offset any User’s funds, including earnest money or bid deposit, to pay any past due balances owed.
1.1 In these Terms:
“BUYER” means the person who accepts the seller’s verbal or written quotation for the sale of the Goods or whose Written order for the Goods is accepted by the Seller;
“GOODS” means the goods (including any instalment of the goods or any parts for them) which the Seller is to supply in accordance with these Terms;
“SELLER” means MACHINERY WORLD LIMITED
“CONTRACT” means the contract for the sale and purchase of the Goods;
“INCOTERMS” means the international rules for the interpretation of trade terms of the International Chamber of Commerce as in force at the date when the Contract is made;
“TERMS” means the standard terms of sale set out in (this document) and (unless the context otherwise requires) includes any special terms agreed in Writing between the Buyer and the Seller.
“WRITING” and any similar expression, includes facsimile transmission and comparable means of communication, including electronic mail or via the world wide web.
1.2 A reference in these Terms to a provision of a statute shall be construed as a reference to that provision as amended, re-enacted or extended at the relevant time.
1.3 The headings in these Terms are for convenience only and shall not affect their interpretation.
2.1 The Seller shall sell and the Buyer shall purchase the Goods in accordance with the Seller’s Written or verbal quotation (if accepted by the Buyer), or the Buyer’s Written order (if accepted by the Seller), subject in either case to these Terms, which shall govern the Contract to the exclusion of any other terms subject to which any such quotation is accepted or purported to be accepted, or any such order is made or purported to be made, by the Buyer and no variation to these Terms shall be binding unless agreed in Writing between the authorised representatives of the Buyer and the Seller.
2.2 The Seller’s employees or agents are not authorised to make any representations concerning the Goods unless subsequently confirmed by the Seller in Writing. In entering into the Contract the Buyer acknowledges that it does not rely on any such representations which are not so confirmed, but nothing in these Terms affects the liability of either party for fraudulent misrepresentation.
2.3 Any advice or recommendation given by the Seller or its employees or agents to the Buyer or its employees or agents as to the storage, application or use of the Goods which is not confirmed in Writing by the Seller is followed or acted on entirely at the Buyer’s own risk, and accordingly the Seller shall not be liable for any such advice or recommendation which is not so confirmed.
2.4 Any typographical, clerical or other error or omission in any sales literature, quotation, price list, acceptance of offer, invoice or other document or information issued by the Seller shall be subject to correction without any liability on the part of the Seller.
3.1 No order submitted by the Buyer shall be deemed to be accepted by the Seller unless and until confirmed in Writing by the Seller’s authorised representative.
3.2 No order which has been accepted by the Seller may be cancelled by the Buyer except with the agreement in Writing of the Seller and on terms that the Buyer shall indemnify the Seller in full against all loss (including loss of profit), costs (including the cost of all labour and materials used), damages, charges and expenses incurred by the Seller as a result of cancellation.
4.1 The price of the Goods (“Price”) shall be the Seller’s quoted price or, where no price has been quoted (or a quoted price is no longer valid), the price listed in the Seller’s published price list current at the date of acceptance of the order. Where the Goods are supplied for export from the Malaysia, the Seller’s published export price list shall apply (if any). All prices quoted are valid for 30 days only or until earlier acceptance by the Buyer, after which time they may be altered by the Seller without giving notice to the Buyer.
4.2 The Seller reserves the right, by giving Written notice to the Buyer at any time before delivery, to increase the price of the Goods to reflect any increase in the cost to the Seller which is due to any factor beyond the control of the Seller (such as, without limitation, any foreign exchange fluctuation, currency regulation, alteration of duties, significant increase in the costs of labour, materials or other costs of manufacture), any change in delivery dates quantities or specifications for the Goods which is requested by the Buyer, or any delay caused by any instructions of the Buyer or failure of the Buyer to give the Seller adequate information or instructions.
4.3 Except as otherwise stated in the Seller’s Written quotation or in any price list of the Seller, and unless otherwise agreed in Writing between the Buyer and the Seller, all prices are given by the Seller on the basis, that, the Buyer shall be liable to arrange to collect the Goods from any location specified by the Seller whether in the Malaysia or elsewhere
4.4 The price shall be quoted and payable in pounds sterling and is exclusive of any applicable value added tax or any other taxes export taxes duties or other statutory levies or payments, which the Buyer shall be additionally liable to pay to the Seller.
5.1 Subject to any special terms agreed in Writing between the Buyer and the Seller, the Buyer shall pay 100% of the Price within 2 working days of acceptance of the order by the Buyer.
5.2 Time of payment of the price shall be of the essence of the Contract. Receipts for payment will be issued only on request.
5.3 If the Buyer fails to make any payment on the due date then, without limiting any other right or remedy available to the Seller, the Seller may:
5.3.1 appropriate any payment made by the Buyer to such of the Goods (or the goods supplied under any other contract between the Buyer and the Seller) as the Seller may think fit (notwithstanding any purported appropriation by the Buyer); and
5.3.2 charge the Buyer interest (both before and after any judgment) on the amount unpaid, at the rate of 8 per cent per annum above Malayan Banking Berhad base rate in the Malaysia from time to time, until payment in full is made (a part of a month being treated as a full month for the purpose of calculating interest).
6.1 Delivery of the Goods shall be made by the Buyer collecting the Goods at the Seller’s premises or elsewhere as the Seller may specify at any time after the Seller has notified the Buyer that the Goods are ready for collection.
6.2 The Goods shall not be released for delivery until payment of the Price has been made in full by the Buyer.
7.1 Risk of damage to or loss of the Goods shall pass to the Buyer as soon as the order for the Goods is accepted by the Seller and the Buyer shall insure the Goods at its own expense in the joint names of the Buyer and the Seller until payment of the Price received in full by the Seller
8.1 Subject as expressly provided in these Terms, and except where the Goods are sold to a person dealing as a consumer (within the meaning of the Consumer Protection Act 1999 (CPA), all warranties, conditions or other terms implied by statute or common law are excluded to the fullest extent permitted by law.
8.2 All Goods are sold “as seen” unless otherwise agreed with the Seller in writing prior to the order being accepted by the Seller.
8.3 The Seller shall not be liable for any faults and imperfections and errors of description.
8.4 Visual images and descriptions provided by the Seller are for identification only and shall not constitute representations by the Seller and the Buyer should inspect the Goods and carry out whatever tests it considers necessary before the order is accepted by the Seller.
8.5 The Seller gives no warranty as to the suitability of the Goods for the purpose of the Buyer and the Buyer confirms that it has satisfied itself in this regard. The Buyer must ensure that it complies with all requirements of the original manufacturer relating to the Goods, their transportation, storage, installation and use.
8.6 The Buyer should be aware that the Goods may have been adapted or modified from its original specification by a previous owner of the goods if they are not new and it will be for the Buyer to inspect the Goods to satisfy themselves as to the condition of the Goods. The Buyer hereby confirms that it has had such opportunity to satisfy itself.
8.7 Except in respect of death or personal injury caused by the Seller’s negligence, or liability for defective products under the Consumer Protection Act 1999, the Seller shall not be liable to the Buyer by reason of any representation (unless fraudulent), or any implied warranty, condition or other term, or any duty at common law, or under the express terms of the Contract, for loss of profit or for any indirect, special or consequential loss or damage, costs, expenses or other claims for compensation whatsoever (whether caused by the negligence of the Seller, its employees or agents or otherwise) which arise out of or in connection with the supply of the Goods (including any delay in supplying or any failure to supply the Goods in accordance with the Contract or at all) or their use or resale by the Buyer, and the entire liability of the Seller under or in connection with the Contract shall not exceed the price of the Goods, except as expressly provided in these Terms.
8.8 The Seller shall not be liable to the Buyer or be deemed to be in breach of the Contract by reason of any delay in performing, or any failure to perform any of the Seller’s obligations in relation to the Goods, if the delay or failure was due to any cause beyond the Seller’s reasonable control. Without limiting the foregoing, the following shall be regarded as causes beyond the Seller’s reasonable control:
8.8.1 Act of God, explosion, flood, tempest, fire or accident;
8.8.2 war or threat of war, sabotage, insurrection, civil disturbance or requisition;
8.8.3 acts, restrictions, regulations, bye-laws, prohibitions or measures of any kind on the part of any governmental, parliamentary or local authority;
8.8.4 import or export regulations or embargoes;
8.8.5 strikes, lockouts or other industrial actions or trade disputes (whether involving employees of the Seller or of a third party);
8.8.6 difficulties in obtaining raw materials, labour, fuel, parts or machinery
8.8.7 power failure or breakdown in machinery.
9.1 The Buyer shall arrange delivery of the Goods pursuant to clause 6. If the Buyer fails to do so within 2 calendar months of the order for the Goods being accepted by the Seller then the Seller shall pay the weekly storage fee of RM 1000.00 plus value added tax per week (or part thereof) per machine, which sum shall be required to be paid by the Seller with the balance of the Price pursuant to clause 5 and the Seller shall not be obliged to deliver the Goods until such sum has been paid in cleared funds.
9.2 If the Buyer fails to take delivery of the Goods pursuant to clause 6 within 3 calendar months of the order for the Goods being accepted by the Seller then the Seller shall (without limiting any other right or remedy of the Seller) be entitled to:
9.2.1 Forfeit the deposit paid pursuant to clause 5.1
9.2.2 Rescind the agreement with the Buyer in respect of the Goods
9.2.3 Charge to the Buyer costs of storage, insurance and transportation of the Goods
9.2.4 Re-sell the Goods at the price obtainable in the market and charge the Buyer for any shortfall below the Price
10.1 This clause 10 applies if.
10.1.1 the Buyer makes a voluntary arrangement with its creditors or (being an individual or firm) becomes bankrupt or (being a company) becomes subject to an administration order or goes into liquidation (otherwise than for the purposes of amalgamation or reconstruction); or
10.1.2 an encumbrancer takes possession, or a receiver is appointed, of any of the property or assets of the Buyer; or
10.1.3 the Buyer ceases, or threatens to cease, to carry on business; or
10.1.4 the Seller reasonably apprehends that any of the events mentioned above is about to occur in relation to the Buyer and notifies the Buyer accordingly.
10.2 If this clause applies then, without limiting any other right or remedy available to the Seller, the Seller may cancel the Contract or suspend any further deliveries under the Contract without any liability to the Buyer, the Price shall become immediately due and payable notwithstanding any previous agreement or arrangement to the contrary.
11.1 A notice required or permitted to be given by either party to the other under these Terms shall be in Writing addressed to that other party at its registered office or principal place of business or such other address as may at the relevant time have been notified pursuant to this provision to the party giving the notice.
11.2 No waiver by the Seller of any breach of the Contract by the Buyer shall be considered as a waiver of any subsequent breach of the same or any other provision.
11.3 If any provision of the Contract is held by a court or other competent authority to be invalid or unenforceable in whole or in part the validity of the other provisions of the Contract and the remainder of the provision in question shall not be affected.
11.4 Any dispute on which parties have agreed to arbitrate under an arbitration agreement must be determined by arbitration unless it is contrary to public policy or the subject matter of the dispute is not capable of settlement by arbitration under the laws of Malaysia (section 4, Arbitration Act). Parties must be treated with equality and each party must be given a fair and reasonable opportunity of presenting that party's case (section 20, Arbitration Act).
11.5 The Contract shall be governed by the laws of Malaysia, and the Buyer agrees to submit to the exclusive jurisdiction of the courts.
Khoshee Auctioneers Sdn. Bhd, operator of bidmyasset.auction through its various subsidiaries (collectively, “bidmyasset.auction”, “us,” “we,” and “our”), wants you to know that we take your privacy seriously.
a) “Personal Data” means information about you, from which you are identifiable. The types of information that we collect may collect from you are:
(i) Identifiers, such as your name, address (including, city, state, postal code, and country), email address, telephone phone number, secondary number, account name, IP address, and other information you provide to us.
(ii) Commercial information, including records of personal property, product or services purchased, obtained or considered, or other purchasing or consumer history.
(iii) Financial information, such as your VAT or government-issued Tax ID, or any other financial information you provide to us.
(iv) Internet or other electronic network activity information, such as your usage statistics, information about your device (including browser and operating system), your browsing history, access times, and referring site.
(v) Audio, electronic, visual, thermal, olfactory or similar information.
(vi) Professional, employment, or education information, such as your job title, company name (including company website url and number of employees).
(vii) Inferences drawn from any of the information we collect to create a profile about you reflecting your preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes.
b) We may request additional information from you depending on certain transactions, contractual or regulatory requirements. We will notify you of what information we need, and how it will be used.
c) Provision of your Personal Data is mandatory. If you do not provide Bidmyasset.Auction with your Personal Data, BidMyAsset.auction will not be able to:
(i) provide you the Services (e.g. accept deposits, bids, process payments and transfer ownership of the vehicles);
(ii) process or approve your registration application, and set up your membership account and
(iii) the website may not be able to perform the functions for which it was intended.
a) We may use your information to process and approve your registration application to subscribe to the Services and for the purposes relating to the business and activities of Khoshee Auctioneers Sdn Bhd which shall include, without limitation to, the following (“the Purposes”):-
(i) to process your registration with BidMyAsset.auction, the setting up of your user account and/or profile;
(ii) to help BidMyAsset.auction identify you and any accounts you hold with BidMyAsset.auction, and to manage/update your accounts;
(iii) to fulfil your orders, complete your transactions with us, provide you with any services you have requested and to perform our functions and comply with our obligations (e.g. process your online bids and purchases, payments for the items purchased, etc);
(iv) to contact and correspond with you regarding various matters pertaining to your registration and the Services;
(v) to respond to questions, comments and feedback from you;
(vi) for generating leads;
(vii) to improve your experience when using the Services, gain an understanding of your preference and requirements in order for us to personalise the site content and provide information, goods and services that are of interest to you;
(viii) for operating the auction (whether onsite or offsite/online) business, including depositing and withdrawing funds from bidder accounts, registration of bids and completing the transactions related to a sale and its associated fees or transfer of ownership;
(ix) for internal administrative purposes, such as auditing, data analysis, and to improve our Services;
(x) for internal and external investigations whether within or outside of Malaysia;
(xi) for purposes of detection, prevention and prosecution of crime and fraud whether within or outside of Malaysia;
(xii) to enforce or defend BidMyAsset.auction’s legal rights and/or to obtain legal advice;
(xiii) for BidMyAsset.auction to comply with its obligations under law whether within or outside of Malaysia;
(xiv) for BidMyAsset.auction to comply with its internal policies and business rules;
(xv) in connection with a corporate transaction, such as a sale of a subsidiary or a division, merger, consolidation, or asset sale, or in the unlikely event of winding-up
a) Unless you have indicated otherwise, BidMyAsset.auction may also use and process your Personal Data for marketing and promotional purposes such as to: -
(i) send you communication and mailers regarding our Services and BidMyAsset.auction’s latest promotions or new product launches and services, including any promotions or information in relation to BidMyAsset.auction’s partners and the Services they offer;
(ii) to match online ads to your interests, to arrange for BidMyAsset.auction’s and other third parties’ ads to reach you after you have left our sites and to help advertisers show you ads that are relevant to your interests;
(iii) to update you about new business operations or service offerings relating to BidMyAsset.auction’s Services;
(iv) to send you BidMyAsset.auction’s newsletter or any newsletters pertaining to the Services provided by BidMyAsset.auction;
(v) to contact and inform you about events or activities which may be of interest to you;
(vi) to conduct market research or surveys and offer contests and sweepstakes by email (“Marketing Purposes”).
b) If you do not consent to BidMyAsset.auction processing your Personal Data for the Marketing Purposes, please notify BidMyAsset.auction using the contact details stated below. You may also unsubscribe by following the instructions included in any emails that you may receive.
a) Your Personal Data may be transferred to, stored, used and processed in a jurisdiction other than Malaysia, such as in the following circumstances:
(i) where BidMyAsset.auction’s administrative functions are being performed outside of Malaysia;
(ii) where BidMyAsset.auction’s and/or its service providers’ servers or back-up servers are located outside of Malaysia;
(iii) where personal information is required to be disclosed to various law enforcement agencies outside of Malaysia;
(iv) where BidMyAsset.auction’s service providers, contractors, agents or partners are located outside of Malaysia;
b) and you understand and consent to the transfer of your Personal Data out of Malaysia as described herein.
a) Your Personal Data may be transferred, accessed or disclosed to third parties (who may be located overseas) for the Purposes and/or for the Marketing Purposes. Further, BidMyAsset.auction may engage other companies, service providers or individuals to perform functions on BidMyAsset.auction’s behalf, and consequently may provide access or disclose to your Personal Data to such service providers or third parties. The third parties referred to in this section include (without limitation):-
(i) BidMyAsset.auction’s affiliated and related companies;
(ii) BidMyAsset.auction’s business partners (such as marketing, sweepstakes, newsletters and contest partners);
(iii) Sellers/vendors (owners of the goods being sold) and brokers (agents and intermediaries between sellers and buyers);
(iv) Advertising and Marketing agencies;
(v) BidMyAsset.auction’s professional advisors, including our legal advisors, auditors, accountants and consultants;
(vi) Service providers such as BidMyAsset.auction’s printing, information technology (IT) and cloud service providers; and
(vii) Third parties where the Personal Data is related to BidMyAsset.auction’s primary purpose of administering or facilitating the purchase of a goods or services by you;
(viii) Regulatory and governmental authorities within and outside Malaysia, in order to comply with statutory and government requirements.
b) Your Personal Data may also be shared in connection with a corporate transaction involving BidMyAsset.auction, such as a sale of a subsidiary or a division, merger, consolidation, or asset sale, or in the unlikely event of winding-up.
a) Subject to any exceptions under applicable laws, you may request for access to and/or request correction of your Personal Data, request to limit the processing of your Personal Data for Marketing Purposes and/or make any inquiries regarding your Personal Data by contacting: -
Telephone number: +604-502 4643
b) BidMyAsset.auction may impose a fee in order for you to gain access your Personal Data.
c) Please note that if you withdraw your consent for BidMyAsset.auction to process your Personal Data for the Purposes, BidMyAsset.auction may consequently not be able to transact or contract with you and may be unable to provide you the products or services which you have requested. In such instance, we may also terminate your account with BidMyAsset.auction.
d) In respect of your right to access and/or correct your Personal Data, BidMyAsset.auction has the right to refuse your requests to access and/or make any correction to your Personal Data for the reasons permitted under law, such as where the expense of providing access to you is disproportionate to the risks to your or another person’s privacy.
KHOSHEE AUCTIONEERS POLICY on anti-bribery applies to the whole of the company employees and all other interested parties defined in the context.
KASB is dedicated to ensuring full compliance with all relevant anti-bribery laws and regulations in Malaysia and it extends to all KASB business dealings and transactions; including other countries where applicable.
A business associate includes employees including retained consultants and agency staff; subcontractors and suppliers, joint venture partners, agents and KASB subsidiary companies, if any.
The Company Policy is that it prohibits any employee or business associate from paying bribes or offering improper inducements to anyone for any purpose, nor do we, accept bribes or improper inducements.
The Company’s Values requires all employees to demonstrate honesty; integrity and fairness in all aspects of their business dealings and exercise appropriate standards of professionalism and ethical conduct in all their activities. To use a third party as a conduit to channel bribes to others is a criminal offence. We do not; and will not, engage indirectly in or otherwise encourage bribery.
KASB takes bribery very seriously; and will not tolerate bribery in any form and has a ‘zero tolerance’ approach to any breach of this policy.
All directors and employees of KASB and its subsidiary companies are required to comply with this Policy.
KASB encourages its employees to report any suspicious activity that may violate this policy. There is a confidential and discrete way to report any violations or suspicious activity that is described below.
Bribery The offering; promising, giving, accepting or soliciting of an advantage as an inducement for an action which is illegal or a breach of trust.
It is unacceptable to:
• Give, promise to give, or offer payment, gift or hospitality with the expectation or hope that a business advantage will be received, or to reward a business advantage already given
• Give, promise to give, or offer payment, gift or hospitality to a government official, agent or representative to "facilitate" or expedite a routine procedure;
• Receive payment from a third party that you know or suspect is offered with the expectation that it will obtain a business advantage for them;
• Receive a gift or hospitality from a third party if you know or suspect that it is offered or provided with an expectation that a business advantage will be provided by us in return;
• Retaliate against or threaten a person who has refused to commit a bribery offence or who has raised concerns under this policy;
• Engage in activity in breach of this policy. Objective of this Policy is to provide a coherent and consistent framework to enable KASB and its subsidiary companies’ employees to understand and implement arrangements; enabling compliance. In conjunction with related policies and key documents; it will also enable employees to identify and effectively report a potential breach.
We strictly prohibit the sale of the following assets:
o Products produced, manufactured or packaged by forced prison labor or child labor
o Pornography in any form of media
o Alcoholic beverages, cigars, cigarettes or tobacco products except in the case of a governmental actor authorized to resell in accordance with applicable law
o Live animals or taxidermy
o Grave or other funeral-related items
o Credit or debit cards
o Illegal and prescription drugs, illegal drug paraphernalia, and materials describing how to make illegal drugs
o Embargoed Assets from prohibited countries currently listed by the U.S. Office of Foreign Assets Control
o Government documents, government identifications, and government licenses (except where the sale of a government license by a governmental actor is permitted
o Human parts or human remains
o Surveillance equipment (including but not limited to lock picking devices, wiretapping devices, telephone bugging devices);
o Mailing lists and personal consumer information
o Postage meters or stamps
o Stocks and other securities
o Illegal products, illegal services, counterfeit, stolen or recalled products
o Firearms and ammunition