http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.84Change: 0.00
R/$ = 11.05Change: -0.09
Au 1166.06 $/ozChange: -34.16
Pt 1228.50 $/ozChange: -17.50
 
 
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
Updated 2 hours 44 minutes ago While South Africa may have the strongest reputation in Africa, the nation needed to enhance harmony with the continent’s other inhabitants to further spread the benefits of the “Africa rising” trend through boosting regional trade. Brand South Africa (SA) had been...
Rosatom VP: sub-Saharan Africa Viktor Polikarpov
Updated 4 hours ago Russian nuclear energy group Rosatom confirmed on Friday that it had canvassed funding options with South African government officials during a recent “nuclear vendor parade workshop” held in the Drakensberg on October 23. The company said the options discussed were...
More
 
 
Latest News
Updated 1 hour 32 minutes ago The retail price of 95-grade petrol in South Africa will drop by 45 cents or 3.3 percent a liter from next Wednesday, while wholesale diesel will decrease by 4.9 percent, the government said on Friday. Petrol will cost 13.16 rand ($1.20) a liter while the wholesale...
Updated 1 hour 47 minutes ago Special purpose vehicle GreenCape will, by the end of 2014, make an application to the Department of Trade and Industry (DTI), the Western Cape provincial government and the City of Cape Town to declare Atlantis, on the Western seaboard, a special economic zone...
Updated 2 hours 17 minutes ago The German government has committed a further R70-million towards the second phase of the Non-Motorised Transport (NMT) programme. The NMT programme forms part of the Department of Environmental Affairs’ 2010 FIFA World Cup National Greening Legacy Programme.
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
In the next 20 years, it was expected that, in Africa, more people would live in cities and towns than in rural areas, United Nations Habitat executive director Dr Aisa Kirabo Kacyira said at the Human Settlements Indaba that took place earlier this month in...
Tough-talking Human Settlements Minister Lindiwe Sisulu has committed government to building 1.5-million low-cost houses over the next five years, telling the Human Settlements Indaba in Johannesburg on Wednesday that the State would achieve this target through the...
Over the past 20 years there has been persistent concern about deindustrialisation in South Africa, as well as the fact that locally produced manufactured products have been increasingly displaced by imports.
Financial agreement for Ghanian independent power producer (IPP) Cenpower Generation Company’s $900-million, 350 MW combined-cycle gas-turbine power plant was finalised earlier this month, paving the way for the project’s construction to begin before 2015 in Tema,...
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 last week that recommendations were being considered to “detect and...
 
 
 
 
 
 
 
 
 
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