Bribery Still Rife as 80 Percent of Executives Admit Seeing It

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This is a broad international survey, but bribery, legal and otherwise is all over the place. It’s more rampant in some areas than others but it’s part of business to some degree everywhere. (Even in the USA can you believe it?) And it is an important piece of crony capitalism wherever it exists. (Though out and out bribery is one of the clumsiest forms of corruption.)

(From Bloomberg)

“The reality is that corrupt business practices will always occur, particularly in high-risk jurisdictions,” said Neill Blundell, a fraud lawyer at Eversheds. “What matters is the way an organization responds. Governments have typically tried to fight bribery by deterring companies with high-profile prosecutions, but they need to work with the private sector to articulate the business case for anti-bribery.”

Only 9 percent of executives surveyed saw legal consequences as the main reason for preventing bribery and corruption, with the majority — 61 percent — saying the potential impact on commercial success was the leading motivation. They also cited damage to reputations.

Bribery is (often) bad for business.

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