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ON THE MONEY TRAIL: Corruption in the news - Jan. 4

Source: Fri, 4 Jan 2013 15:53 GMT
Author: NO_AUTHOR
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BEIJING - The exchange of gifts in China has been subdued this year-end, an acknowledgment that, at least for the time being, it is better to be discreet. Fewer officials are on the list of recipients and the amounts spent have become more modest, the Financial Times reports. Corruption in China has become so pervasive that it is jeopardising social stability, leading to misallocation of resources and capital and stymying the progress the country has made in raising the general level of prosperity and well-being. Wang Qishan, who is spearheading the anti-corruption campaign, knows how financing in China works, having run China Construction Bank.

BEIJING – China has released guidance on anti-bribery enforcement, the Wall Street Journal reports. The guidance, published Dec. 26 by China’s highest court and top prosecuting office, didn’t alter existing anti-corruption laws but filled in some grey areas of the country’s laws against giving bribes.

DETROIT - The public corruption trial of former Detroit mayor Kwame Kilpatrick resumes on Friday after the holiday break and could continue well into February as the defence presents its case, the Detroit Free Press reports.  Since Sept. 21, a federal jury has heard two views of Detroit history: Was Kilpatrick a corrupt, fallen king or a misunderstood Detroit benefactor?  The jury has heard from nearly 70 witnesses, seen hundreds of documents and watched or listened to audio and video recordings during a trial that appears to be a little over halfway done.  So far it must decide between contradictory narratives – one depicts alleged extortion and shakedowns by the mayor’s office, the other challenges the credibility of witnesses.

STOCKHOLM - Swedish companies are more worried about corruption being a threat to business than their Nordic peers and also to a greater degree view graft as a growing risk, according to a survey, BusinessWeek reports.  Corruption is viewed as a threat to their business by 18 percent of Swedish security chiefs, If AB (SAMAS) spokesman Daniel Claesson said. The Stockholm-based insurer has surveyed 400 publicly traded companies in Sweden, Finland, Norway and Denmark. Norway came second with 13 percent. The ratio in Denmark was zero.

 

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