Asian-based companies are apparently lacking the wherewithal to fight corruption and India, Indonesia and China are suffering most for it in the fraud league tables.
Hong Kong is playing second fiddle to Singapore because of the overpowering influence of its business tycoons, an ACGA-CLSA study on corporate governance shows, citing Sun Hung Kai as an example.
The latest fraud survey by Ernst & Young reveals as the economic downturn draws on, CFOs in Asia are more willing to massage company numbers to keep ahead of the game.