CORRUPTION: Corruption is Getting Worse
Recent Gauteng Business News
The report, which focuses on Zambia and five other African countries, shows the police are seen as most corrupt and that 56 percent of all those who come in contact with public service providers were asked to pay a bribe in the past year.
Corruption a Huge Issue for South African Businesses
Transparency International has also previously reported that companies in South Africa are seen as the 15th most likely to use bribery to secure foreign contracts scoring a staggering 7.6 out of 10 (against a scale of 0 to 10). The Bribe Payers Index survey covered 28 of the world's leading economies and looked at various types of bribery including, for the first time, bribery among companies.
How Corruption Can Be Stamped Out
Dave Loxton, director at Werksmans Attorneys, points out that South African businesses with links to American and UK organisations need to be aware of the potential risks associated with these countries' anti-bribery legislation. The two acts, the UK Bribery Act and Foreign Corrupt Practices Act, are aimed at stamping out bribery and corruption within companies and have introduced harsh penalties, including jail time, for company directors found guilty.
Business News Sector Tags: Business|