Corruption in Hong Kong finance and insurance sectors up 20%
Corruption complaints in the finance and insurance sectors of Hong Kong rose by 20% from January to November, the town’s anti-corruption watchdog has revealed.
A complete of 177 circumstances had been recorded in the primary 11 months of 2017, up by 20% from 148 circumstances in the identical interval final 12 months. But in line with the Independent Commission Against Corruption (ICAC), the rise in the variety of complaints doesn’t essentially level to a worsening corruption drawback.
The assertion comes just some weeks after the ICAC investigated Convoy Global Holdings, resulting in the arrest of three senior executives in one of many largest anti-corruption crackdowns in the previous decade, South China Morning Post reported.
“No matter how tight the regulations are, we cannot prevent the occurrence of illegal activities,” Chow Chung-kong, chairman of ICAC’s advisory committee on corruption, was quoted as saying by SCMP.
A lot of Hong Kong corporations have been accused of forging paperwork, receiving bribes, awarding questionable contracts, and different offences.
According to the ICAC, since Hong Kong is a number one regional and international monetary centre, it would exert all efforts to defend the particular administrative area’s fame as top-of-the-line locations to do enterprise.
China beefs up anti-corruption drive in monetary sector
Several insurers recognised for company governance in Hong Kong
Hong Kong insurance rip-off sees senior brokers profiting off their juniors