Experts converge at Third ICAC Symposium on tackling corporate corruption
2006-5-9
ICAC Commissioner, Mr Raymond Wong Hung-chiu, today (Tuesday) calls for greater global efforts to combat corporate corruption, which has become increasingly transnational and complex due to globalisation and rapid technology advances.
Mr Wong was addressing more than 400 delegates from over 40 jurisdictions who converged at the Opening Ceremony of the three-day Third ICAC Symposium - Corporate Corruption, Integrity and Governance.
He noted that the ICAC shared the global concern about corporate corruption, which became a priority issue following the emergence of a number of serious corruption and fraud cases the world over in recent years.
"We all recognize the value of concerted global efforts in tackling corporate corruption and raising the standard of governance," said Mr Wong.
He said Hong Kong prided itself in having a clean civil service and a level playing field for doing business and was regarded as one of the cleanest places in the world.
However, the ICAC was concerned about a number of serious corporate corruption and fraud cases in recent years, he said.
In the past five years, the ICAC initiated prosecutions in relation to 17 corporate corruption and fraud cases involving over $10 million each. Some of them involved listed companies, raising much public concern.
Mr Wong added that amongst those prosecuted in private sector cases, about 60 per cent were senior executives or professionals.
To tackle the growing complexity of corporate corruption cases, the ICAC would add an 11-member team of financial investigators this year.
Apart from strict law enforcement, the ICAC would step up education and prevention efforts as well as international co-operation to ensure Hong Kong remains as a premier international financial centre, Mr Wong said.
The Symposium, officiated by the Chief Executive, Mr Donald Tsang, provides a valuable platform for international exchanges and experience sharing in the investigation of corporate corruption and the promotion of good corporate governance.
Mr Wong also noted that the ICAC and the World Bank Institute would, for the first time, jointly conduct a survey to gauge delegates' views on corporate corruption, the result of which will be announced on May 11 - the last day of the Symposium.
A total of 26 experts from law enforcement and regulatory bodies, justice departments, international organizations, accounting and legal professions as well as multi-national corporations will share their expertise in the Symposium.
ICAC's Director of Investigation (Private Sector), Mr Francis Lee Chun-sang, shared his investigative experience in the "Catching the Villains" plenary session today.
In his presentation entitled "Detecting corporate corruption: An investigator's perspective", Mr Lee highlighted several successful ICAC corporate corruption and fraud cases to demonstrate the evolving trend over the years.
Mr Lee said corporate corruption had been part and parcel of serious organised crime and used to sustain the continuing commission of large scale corporate fraud, which the public would eventually be affected.
"The best assurance of sustainable success will be underpinned by corporate leaders who nurture an environment conducive to the making of ethical choices under trying circumstances," he said.
Keynote speakers on the first day are: Mr Daniel Kaufmann, Director of Global Programmes, World Bank Institute; Ms Rosalind Wright, Chairman of UK's Fraud Advisory Panel; Dr Ye Feng, Director General of International Judicial Cooperation Department, Supre me People's Procuratorate; and Mrs Deborah Strebel Pierce, Deputy Assistant Director of Criminal Enterprise Branch, Criminal Investigative Division, US's Federal Bureau of Investigation (FBI).
The plenary session also featured Mr Michael Anderson, FBI's Supervisory Special Agent who shared his first-hand investigative experience in the Enron case.
Mr Wong was addressing more than 400 delegates from over 40 jurisdictions who converged at the Opening Ceremony of the three-day Third ICAC Symposium - Corporate Corruption, Integrity and Governance.
He noted that the ICAC shared the global concern about corporate corruption, which became a priority issue following the emergence of a number of serious corruption and fraud cases the world over in recent years.
"We all recognize the value of concerted global efforts in tackling corporate corruption and raising the standard of governance," said Mr Wong.
He said Hong Kong prided itself in having a clean civil service and a level playing field for doing business and was regarded as one of the cleanest places in the world.
However, the ICAC was concerned about a number of serious corporate corruption and fraud cases in recent years, he said.
In the past five years, the ICAC initiated prosecutions in relation to 17 corporate corruption and fraud cases involving over $10 million each. Some of them involved listed companies, raising much public concern.
Mr Wong added that amongst those prosecuted in private sector cases, about 60 per cent were senior executives or professionals.
To tackle the growing complexity of corporate corruption cases, the ICAC would add an 11-member team of financial investigators this year.
Apart from strict law enforcement, the ICAC would step up education and prevention efforts as well as international co-operation to ensure Hong Kong remains as a premier international financial centre, Mr Wong said.
The Symposium, officiated by the Chief Executive, Mr Donald Tsang, provides a valuable platform for international exchanges and experience sharing in the investigation of corporate corruption and the promotion of good corporate governance.
Mr Wong also noted that the ICAC and the World Bank Institute would, for the first time, jointly conduct a survey to gauge delegates' views on corporate corruption, the result of which will be announced on May 11 - the last day of the Symposium.
A total of 26 experts from law enforcement and regulatory bodies, justice departments, international organizations, accounting and legal professions as well as multi-national corporations will share their expertise in the Symposium.
ICAC's Director of Investigation (Private Sector), Mr Francis Lee Chun-sang, shared his investigative experience in the "Catching the Villains" plenary session today.
In his presentation entitled "Detecting corporate corruption: An investigator's perspective", Mr Lee highlighted several successful ICAC corporate corruption and fraud cases to demonstrate the evolving trend over the years.
Mr Lee said corporate corruption had been part and parcel of serious organised crime and used to sustain the continuing commission of large scale corporate fraud, which the public would eventually be affected.
"The best assurance of sustainable success will be underpinned by corporate leaders who nurture an environment conducive to the making of ethical choices under trying circumstances," he said.
Keynote speakers on the first day are: Mr Daniel Kaufmann, Director of Global Programmes, World Bank Institute; Ms Rosalind Wright, Chairman of UK's Fraud Advisory Panel; Dr Ye Feng, Director General of International Judicial Cooperation Department, Supre me People's Procuratorate; and Mrs Deborah Strebel Pierce, Deputy Assistant Director of Criminal Enterprise Branch, Criminal Investigative Division, US's Federal Bureau of Investigation (FBI).
The plenary session also featured Mr Michael Anderson, FBI's Supervisory Special Agent who shared his first-hand investigative experience in the Enron case.