South African corporate ethics 'worrying'

Fraud a major problem for businesses
||Last Updated: 02/08/2006

Economic crimes in South Africa businesses are on the rise according to a report by Business Unity South Africa (Busa), causing the chairperson of an ad hoc committee on corporate governance to express concern at the poor state of workplace ethics in South Africa.

"We don't have a healthy ethical environment (in business) at the moment,” said ruling African National Congress Member of Parliament Barbara Hogan.

The report showed that 68 per cent of 237 companies surveyed this year expected an increase in fraud (which includes various economic crimes such as bribery and corruption) going forward while 64 per cent considered fraud a major problem.