- China Business Blog - http://www.chinabusinessservices.com -

Targeting Corrpution

In any big economy there will be fraud and corruption (think Madoff [1], Siemens [2] etc.), and China has its fair (?) share, as we have reported in the past [3].

After a number of recent scandals [4], including one that involves [5]a big US bank (Morgan Staley), FDI, real estate and Sino-US corruption (killing several birds with one stone – and usefully reminding us that assumptions about the nationality of the naughty ones should be left on the plane), Caijing reported [6]China’s plan to “target financial and real estate crimes in 2009”.

So much for a harmonious society. But for those in business, hard times can help expose wrongdoing (ask Madoff!), but seeking it out proactively can help plug financial leaks and control business impact.

Time to dust off the corporate governance briefing, and to bring in the investigators…Some of the things we have seen, you would not believe!