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PETALING JAYA: Winning an award may not be all that good as some companies have found out.

The practice of dishing out awards has become a lucrative business with the “winning” companies being asked to provide sponsorship or buy tables during lavish presentation ceremonies.

Starprobe discovered that this form of sponsorship can range between RM4,000 and RM30,000, with the “winners” being made to understand that if they fail to fork out the money, they may lose out to business rivals.

Some companies have admitted to being forced to pay up, calling this an “investment” for their business.

Industry players, concerned that such dubious awards may be jeopardising the country's competitiveness and misleading the public, want more transparent and better methods in the selection of winners.

They also call on all parties to work together in stamping out such awards.