Publications

- July 1, 2014: Vol. 26, Number 7

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EY report: Bribery and corruption worsen

by Mike Consol

 

Bribery and corruption remain pervasive business problems, and not just in developing countries. According to the 12th global fraud survey from EY, 29 percent of the survey’s 2,700 respondents from around the world reported that bribery or corrupt practices occur “frequently” in their countries.

The situation is significantly worse in rapid-growth markets, the very markets where institutional real estate investors are increasingly doing business. In Indonesia, for example, 60 percent of respondents consider making cash payments to win new business acceptable. In Vietnam, 36 percent of respondents consider it acceptable to misstate a company’s financial performance.

Overall, survey respondents said they were increasingly willing to make cash payments to win or retain business, and a greater proportion — including CFOs — expressed an increased willingness to misstat

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