CHINESE COMPANIES RIDDLED WITH CORRUPTION SAYS REPORT.
The vast majority of the world’s biggest emerging market companies have failed when it comes to transparency, creating an environment for corruption to thrive in their businesses and in the places they operate.
A new report from Transparency International reveals an urgent need for these large multinational firms to do much more to stop corruption.
In the latest edition of Transparency in Corporate Reporting: Assessing Emerging Market Multinationals 100 of the fastest-growing companies based in 15 emerging market countries and operating in 185 countries around the world scored an average of 3.4 out of 10, where 0 is the least transparent and 10 is the most transparent. The average score fell slightly by 0.2 compared to the last time the survey was taken in 2013.
Multi-national corporations colluding with corrupt officials are shielded by a lack of transparency, a new report says. These unscrupulous practices are exacerbating poverty, the document adds.
The study found Chinese companies scored the worst due to having weak or non-existent anti-corruption policies and procedures. India led the way, with all 19 of its companies in the study achieving a score of 75 percent or more in being open about their company structures and holdings, which was attributed to the country's strong legislation.
The TI report follows the "Panama Papers" revelations which exposed the use of shell companies and offshore tax havens, often for illegal purposes such as tax evasion and money-laundering.
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