Russia corruption "may force Western firms to quit
Russia corruption "may force Western firms to quit"
Russia corruption "may force Western firms to quit"
Alexandra Wrage, whose non-profit organization TRACE International advises Diamond Core Bitsfirms #xon how to avoid bribery, told Reuters the "rampant endemic" corruption in Russia was much worse than in other big emerging economies.
"My recommendation is: 'Maybe you should reconsider doing business in Russia,Fire hose,'" she said. "I am considerably more optimistic about Nigeria than I am about Russia on this issue."
Berlin-based NGO Transparency International rates Russia joint 146th out of 180 nations in its Corruption Perception Index, saying bribe-taking is worth about $300 billion a year.
"A lot of the conversations (with businesses) around Russia are: 'Can we stay there ?'," Wrage said during a visit to Moscow last week to run a workshop for over 100 mainly Western firms.
"Companies are fearful of the U.S. Department of Justice or the UK SFO (Serious Fraud Office) ... theyDiamond Core Bits are really scrambling to get it right, and really struggling and, in the case of more than one company, talking about pulling out."
Wrage declined to name firms considering leaving but Swedish furniture retailer IKEA said last year it was halting further expansion in Russia because of "the unpredictable character of administrative procedures in some regions."
Wrage recalled a question at her first workshop in Moscow in 2002 which underlined the unique dangers of Russian corruption:
"Somebody came up to me in the break and said: 'If I don't pay the bribes here, I am really worried that my office will be burned to the ground.'"
Her reply? "Well, I have nothing to give you. I don't have any best practice tips to help with that scenario."
Corruption in emerging market economies typically #xinvolves payments to secure business but in Russia most bribes go to officials to stop them Diamond Core Bitsfrom abusing their office, Wrage said.
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