HK wages war on 'the enemy within’ amid financial crisis
2009-9-4
In times of global financial crisis, people are more inclined to take the risk of committing corruption or fraud offences to overcome real or perceived difficulties, the Commissioner of the Independent Commission Against Corruption (ICAC), Dr Timothy Tong Hin-ming warned.
Addressing the 27 th Cambridge International Symposium on Economic Crime held at the University of Cambridge of the United Kingdom earlier this week (August 31), Dr Tong stressed that corrupt acts and irregularities constituted internal threats to the stability and integrity of institutions and companies.
Describing corruption as “a matter of betrayal”, Dr Tong stressed that the offences and the offenders would not be allowed to ruin the business environment and the development of the city as a world financial centre.
ICAC cases have shown that some corporations were facing increasing threats from the “enemies within” –'96 personnel at the top echelon who resorted to criminal activity, in exchange for illegal greater wealth.
In 2008, the ICAC prosecuted 168 managers, administrators and professionals for corruption, fraud and financial offences.
Fifty-two top officers from publicly listed companies were convicted and sentenced to a total of 231 years’ imprisonment for corruption and related fraud offences since 2001.
Among these offenders were company chairmen, directors, financial controllers, auditors and solicitors, who had used a variety of methods to obtain the ill-gotten gains.
During his visit to the United Kingdom, Dr Tong also met with the Criminal Commissioner of the Law Commission, Professor Jeremy Horder, who is currently introducing a new bribery law in England and Wales. Discussions covered a proposed “new corporate offence” which would oblige companies to give guidance to overseas subsidiaries on their attitude towards bribery. It is believed that the proposed legislation would help strengthen integrity governance within corporations.
In expressing interest in the “new corporate offence”, Dr Tong said the ICAC also partnered with business associations and chambers of commerce to promote corporate governance and professional ethics among businessmen and professionals.
The Commissioner also revealed that the ICAC would co-host with the European Anti-Fraud Office the Fourth ICAC Symposium entitled “ Deals Under the Table –'96 Doing or Undoing Business ” in Hong Kong in December this year.
Accompanied by ICAC’s Director of Investigation (Public Sector), Mr Ryan Wong Sai-chiu, and the Executive Director of the Centre of Anti-Corruption Studies, Mr Gerry Osborn, Dr Tong also had a useful exchange with New Scotland Yard over issues pertaining to fighting corrupti on. The delegation would visit the Interpol’s International Anti-Corruption Academy in Vienna today (Friday) before returning to Hong Kong.
Addressing the 27 th Cambridge International Symposium on Economic Crime held at the University of Cambridge of the United Kingdom earlier this week (August 31), Dr Tong stressed that corrupt acts and irregularities constituted internal threats to the stability and integrity of institutions and companies.
Describing corruption as “a matter of betrayal”, Dr Tong stressed that the offences and the offenders would not be allowed to ruin the business environment and the development of the city as a world financial centre.
ICAC cases have shown that some corporations were facing increasing threats from the “enemies within” –'96 personnel at the top echelon who resorted to criminal activity, in exchange for illegal greater wealth.
In 2008, the ICAC prosecuted 168 managers, administrators and professionals for corruption, fraud and financial offences.
Fifty-two top officers from publicly listed companies were convicted and sentenced to a total of 231 years’ imprisonment for corruption and related fraud offences since 2001.
Among these offenders were company chairmen, directors, financial controllers, auditors and solicitors, who had used a variety of methods to obtain the ill-gotten gains.
During his visit to the United Kingdom, Dr Tong also met with the Criminal Commissioner of the Law Commission, Professor Jeremy Horder, who is currently introducing a new bribery law in England and Wales. Discussions covered a proposed “new corporate offence” which would oblige companies to give guidance to overseas subsidiaries on their attitude towards bribery. It is believed that the proposed legislation would help strengthen integrity governance within corporations.
In expressing interest in the “new corporate offence”, Dr Tong said the ICAC also partnered with business associations and chambers of commerce to promote corporate governance and professional ethics among businessmen and professionals.
The Commissioner also revealed that the ICAC would co-host with the European Anti-Fraud Office the Fourth ICAC Symposium entitled “ Deals Under the Table –'96 Doing or Undoing Business ” in Hong Kong in December this year.
Accompanied by ICAC’s Director of Investigation (Public Sector), Mr Ryan Wong Sai-chiu, and the Executive Director of the Centre of Anti-Corruption Studies, Mr Gerry Osborn, Dr Tong also had a useful exchange with New Scotland Yard over issues pertaining to fighting corrupti on. The delegation would visit the Interpol’s International Anti-Corruption Academy in Vienna today (Friday) before returning to Hong Kong.