ICAC calls on businessmen to stay away from graft amid financial storm
2009-1-24
The Independent Commission Against Corruption (ICAC) calls on enterprises to brave the financial crisis with good governance and to stay away from corrupt or fraudulent acts.
According to the latest issue of the Commission’s electronic newsletter, the ICAC Post , about 50 top managers and professionals were prosecuted by the ICAC for corruption and related offences involving listed companies in the aftermath of the Asian financial turmoil.
ICAC Commissioner Dr Timothy Tong Hin-ming was quoted as noting that judging from ICAC analysis, excessive greed of senior company staff, attempts to conceal irregularities, and insufficient internal control were the major causes for business corruption.
In 2008, the ICAC received a total of 3,377 corruption reports, representing a six per cent drop compared with 3,600 reports in 2007.
Of the graft reports received last year, 65% or 2,188 were related to the private sector, while 28% or 960 were against government departments and 7% or 229 were against public bodies.
Of the private sector complaints, 943 involved the building management sector, taking up the largest share of 43%. The remainder mainly concerned the catering and entertainment industry (7%), the finance and insurance sector (6%), transport services (6%) , the construction industry (5%) and the trading sector (4%).
Despite the overall drop in graft reports last year, the ICAC has geared up for a possible surge in corruption complaints arising from the current financial crisis. It has strengthened its capability to investigate complex cases and stepped up efforts to promote good governance amongst enterprises.
In 2008, the Commission’s Financial Investigation Section analysed more than 7,000 financial transactions totaling over $4.4 billion, while the Computer Forensics Section carried out over 500 computer data analyses.
A Conference on Corporate Governance in the Financial Sector was launched late last year in conjunction with the Ministry of Supervision and Macao’s Commission Against Corruption.
Apart from a corruption prevention package tailor-made for listed company senior staff, the ICAC would also organise workshops and seminars for directors and professionals to foster their awareness to corporate governance.
The newsletter also features a major corruption case involving a chief manager of a listed company, who solicited and accepted bribes totalling tens of millions of dollars in the tendering of construction projects.
The newsletter is designed to update the international community and businessmen on Hong Kong’s anti-corruption work. The public may visit the ICAC website ( http://www.icac.org.hk ) to browse the latest issue.
According to the latest issue of the Commission’s electronic newsletter, the ICAC Post , about 50 top managers and professionals were prosecuted by the ICAC for corruption and related offences involving listed companies in the aftermath of the Asian financial turmoil.
ICAC Commissioner Dr Timothy Tong Hin-ming was quoted as noting that judging from ICAC analysis, excessive greed of senior company staff, attempts to conceal irregularities, and insufficient internal control were the major causes for business corruption.
In 2008, the ICAC received a total of 3,377 corruption reports, representing a six per cent drop compared with 3,600 reports in 2007.
Of the graft reports received last year, 65% or 2,188 were related to the private sector, while 28% or 960 were against government departments and 7% or 229 were against public bodies.
Of the private sector complaints, 943 involved the building management sector, taking up the largest share of 43%. The remainder mainly concerned the catering and entertainment industry (7%), the finance and insurance sector (6%), transport services (6%) , the construction industry (5%) and the trading sector (4%).
Despite the overall drop in graft reports last year, the ICAC has geared up for a possible surge in corruption complaints arising from the current financial crisis. It has strengthened its capability to investigate complex cases and stepped up efforts to promote good governance amongst enterprises.
In 2008, the Commission’s Financial Investigation Section analysed more than 7,000 financial transactions totaling over $4.4 billion, while the Computer Forensics Section carried out over 500 computer data analyses.
A Conference on Corporate Governance in the Financial Sector was launched late last year in conjunction with the Ministry of Supervision and Macao’s Commission Against Corruption.
Apart from a corruption prevention package tailor-made for listed company senior staff, the ICAC would also organise workshops and seminars for directors and professionals to foster their awareness to corporate governance.
The newsletter also features a major corruption case involving a chief manager of a listed company, who solicited and accepted bribes totalling tens of millions of dollars in the tendering of construction projects.
The newsletter is designed to update the international community and businessmen on Hong Kong’s anti-corruption work. The public may visit the ICAC website ( http://www.icac.org.hk ) to browse the latest issue.