http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.17Change: 0.03
R/$ = 11.07Change: 0.01
Au 1238.28 $/ozChange: -4.47
Pt 1258.00 $/ozChange: 3.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Sep 04, 2012

‘Dramatic’ increase in white-collar crime in SA

Back
Africa|Environment|Nortons Inc|Africa|South Africa|Law|David Lewis|John Oxenham|Willie Hofmeyr
Africa|Environment||Africa|||
africa-company|environment|nortons-inc|africa|south-africa|law|david-lewis|john-oxenham|willie-hofmeyr
© Reuse this



White-collar crime was on the rise in South Africa, with a “dramatic increase” seen in the number of cases in recent years, law firm Nortons Inc director John Oxenham said on Tuesday.

Speaking at the White Collar Crime and Corruption seminar, which Nortons and the South African Chamber of Commerce and Industry hosted, he said fraud and corruption in the public and private sectors were widely regarded as two of the biggest threats to the South African economy, its ability to attract foreign investment and achieve economic growth.

South Africa is now ranked 64th out of 182 countries on Transparency International’s corruption index. “We have been sliding for a number of years owing to the rampant corruption involving business and government,” Oxenham said.

He pointed out that many companies did not have proper internal controls, which would bring to a halt corrupt activities. “Unfortunately in today’s economic environment, the first element to be cut for cost saving is internal control, which is often problematic. In international legislation, having adequate internal control is actually a significant mitigating factor against the imposition of sanctions itself,” he said.

Oxenham added that whistleblowers also had to be properly incentivised and protected.

Corruption Watch director David Lewis agreed, stating that public participation was key to combatting corruption and anticompetitive collusion.

“We need to encourage the public to resist corruption and we need to create an environment that is less conducive to such activities, by advocating for policies and legislation that facilitate whistleblowing, effective policing and consequences for those who are found to be guilty of such crimes,” he noted.

Lewis, who is the former chairperson of the Competition Tribunal, pointed out that corruption bred deep mistrust on the part of the public regarding both the business and governmental sectors. “Corruption slows economic growth and job creation, and disproportionately affected the poor.”

Meanwhile, he said that it was relatively easy to understand that handing over a proverbial brown envelope in exchange for example, a government contract was corrupt. But Lewis said that grey areas, such as conflict of interest; and the nature, purpose and outcome of nepotism in appointments were harder to grasp.

Asset Forfeiture Unit of the National Prosecuting Authority head Willie Hofmeyr said that the work done by government's anti-corruption task team (ACTT) was encouraging. He explained that the ACTT was an inter-agency task team that focused on the so-called “big fish” with income from corrupt activities in excess of R5-million.

The ACTT had already frozen assets to the tune of R550-million and had charged and convicted 16 criminals in the past two years.

Lewis added that Corruption Watch has, in the past six months, received over 2 200 reports of alleged corruption, many of which are currently being investigated.

The consensus of the seminar was that the tone for proper conduct had to be set by leadership in business, government and labour in order to fight corruption, otherwise the existing legislation aimed at fighting corruption would prove largely ineffectual.
 

Edited by: Mariaan Webb
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Economy News
A former employee of the Manufacturing, Engineering and Related Services Sector Education and Training Authority (Merseta) and his accomplice have each been sentenced to 20 years imprisonment after being found guilty of fraud by the Specialised Commercial Court, in...
Judge Dennis Davis
The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted on Monday that recommendations were being considered to “detect and...
Resources, financial services and healthcare companies faced significant threats arising from changing legislation and political policy, a recent study by professional services firm Deloitte of the JSE’s top 100 companies has shown. To produce its Dissecting...
More
 
 
Latest News
A former employee of the Manufacturing, Engineering and Related Services Sector Education and Training Authority (Merseta) and his accomplice have each been sentenced to 20 years imprisonment after being found guilty of fraud by the Specialised Commercial Court, in...
The Richards Bay Bulk Terminal, in KwaZulu-Natal, loaded 1.49-million tons of cargo in September, exceeding its monthly target of 1.32-million tons, Transnet Port Terminals (TPT) said on Monday. TPT said the reaching of vessel targets ahead of deadline created...
Judge Dennis Davis
The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted on Monday that recommendations were being considered to “detect and...
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
The broad-based black economic-empowerment (BBBEE) alignment process in the con-struction sector has begun, dur-ing which the sector codes of the Construction Sector Charter Council (CSCC) will be aligned with the revised Codes of Good Practice (CoGP), which come...
It is second time lucky for Toby Venter. Ten years ago he negotiated to buy the Kyalami racetrack, but “the deal did not materialise”.
Environmental solutions company I-Cat started construction work on its R22-million, 1 949 m2 environmentally sustainable office and warehouse facility, commissioned by I-CAT Environmental Solutions, at a launch event in October. The new sustainable I-CAT campus,...
IAN EVANS AirWatch file synchronisation and sharing system was initially designed for a large airline company
Effective file synchronisation and sharing across an organisation’s structures can provide the basis for robust mobile-device and document management while maintaining proper backup, version control and content distribution. These are the lessons learned by complex...
Hotel group Carlson Rezidor currently holds the largest hotel pipeline in Africa with 30 hotels and 6 300 rooms under development. The hotel group develops and operates Radisson Blu in the upper upscale segment and Park Inn by Radisson in the mid-market segment. With...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks