Tuesday 21 November 2017
 
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Corruption

Decades of corruption cost $100bn says Saudi official

Saudi Arabian authorities have announced that an on-going three-year investigation has revealed that, at minimum, an estimated $100 billion has been misused by way of systematic corruption and embezzlement over several decades. Sa

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Saudi King issues anti-graft orders; key ministers removed

Saudi Arabia’s King Salman bin Abdulaziz Al Saud has issued a series of orders that included relieving Prince Miteb bin Abdullah bin Abdulaziz from office in an anti-corruptaion drive, reports said. The royal orders included forma

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Indian banks, ATMs continue to see chaos

India continues to see chaos at its banks and ATM machines, three days after the Prime Minister demonetized the country's 500 ($7) amd 1,000 ($15) rupee notes as part of anti-corruption measures, said a report. People queued u

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Iraqi finance minister sacked over corruption

Iraq's parliament removed Finance Minister Hoshiyar Zebari from office on Wednesday over corruption allegations, a move that risks further destabilising the major Opec producer's fragile economy as it struggles with a massive budget defi

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UK opens corruption probe into Airbus sales

Britain's Serious Fraud Office has launched a formal investigation into suspected fraud, bribery and corruption in connection with commercial plane sales by Airbus, parent company Airbus Group said on Sunday. A UK government a

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Iraq to begin probe into Unaoil corruption charges

Iraqi Prime Minister Haider Al Abadi on Saturday directed the country's highest corruption watchdog to investigate claims of graft in the awarding of oil contracts by the Opec exporter and urged the courts to prosecute. A join

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Brazil's ex-president Lula detained over graft probe

Former Brazilian President Luiz Inacio Lula da Silva was briefly detained for questioning on Friday in a federal investigation of a vast corruption scheme, fanning a political crisis that threatens to topple his successor, President Dilma Rousse

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Bahrain ranks high on anti-graft index

Bahrain has improved five places in a global corruption index compiled by Transparency International. The country was placed joint 50th in the 2015 Corruption Perceptions Index (CPI) with a score of 51 points, compared to 55th with a 49 points

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Firms ‘must assess key corruption risks’

Two factors are creating new issues for companies, according to a new report by KPMG International. First, a growing number of governments around the world are tightening anti-bribery and corruption (ABC) regulations or introducing new ones as

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Risk assessment from overseas ops urged

With GCC based organizations increasingly investing overseas, reliance on and managing risk with third parties can be a challenge and adequate controls and monitoring must be put in place, said an industry expert. Many organizatio

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