UKRAINE IN BAD AND CORRUPT COMPANY

23.05.12


Money

The stream of bad news from and about Ukraine shows no signs of abating. The BBC Ukrainian Service reports that Ernst & Young research shows that Ukraine, along with Colombia and Brazil is in the top three most corrupt countries in the world for doing business with.

The report says that 15% of Ukraine's top managers are ready to receive or give bribes to secure contracts. The suspicion is that the drive to grow their business and, by extension, the economy, outweighs all consideration of business ethics. Ernst & Young say that, although the number of apparently corrupt managers is not, of itself, large, it represents a significant proportion of the most influential business people in the largest businesses - which creates a huge risk for their businesses and should be a cause for concern.

The report also states that anti-corruption law enforcement is weak and that the threat of large fines is not enough to deter businesses from corrupt practices.



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