Warning of stimulus cash paying for bribes

June 22nd, 2009

Financial Times

More than $500bn in global economic stimulus spending could be lost to wasteful and fraudulent procurement practices ranging from bribery to selecting less efficient service providers, according to a report on Monday by Kroll, the world’s leading risk consultancy.

Governments have promised to spend $5,000bn (€3,587bn, £3,026bn) to jump-start their economies. But many of them – and the companies they deal with – have reduced spending on compliance and control functions as part of larger cost-cutting measures.

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