Whole Network Most Recent TOP10 Accounting Compliance Ethics SOX

 

Corrupt raiders

Filed in archive corporate crime by leon on July 17, 2008

rubler.jpg


Some traditions die hard. Corruption in the old Soviet Union was always an issue. But now it's taken on a very different form: corporate raiding.

According to this article in the Moscow Times, the name of the game is picking up businesses for either next to nothing, or nothing at all. And it's done with the semi-official approval.

"The raiders often include former intelligence and Police Officerslinks, lawyers and people with ties to well-placed state officials. On their payrolls are judges, prosecutors and bureaucrats at all levels. Through them, the raiders can order a search of a business, gather information about the owner, and falsify whatever documents they need to gain control of their target.

"An estimated 50 percent of all illegal takeovers involve stores or office space. The raiders are usually interested in the property where businesses are located, which can be rented out at a significant profit or demolished to make way for the construction of larger, more modern buildings ... There are no exact figures for how many raider attacks occur annually across the country ... Part of the reason it is hard to gain an idea of the scope of the problem is a general lack of trust in the authorities. Few victims ever report their cases to the police, prosecutors or the Federal Security Service, because they believe officials are in league with the raiders."

It's an alarming read, because it reminds us how corruption is usually part of a much broader system. And that's true, wherever it occurs.






Permalink: Corrupt raiders
Tags: Russia  corruption  corporate  raiders  2007  corrupt+raiders  scientists+paid  trash+climate 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/129119



Advertisement


Advertisement


RSSrss   | See all blog subscribe options
Googlegoogle   |   What is RSS?
Yahoo!yahoo
AddthisAddThis Feed Button
BloglinesBloglines
Newsletter

Use our search feature to look for other interesting posts

Just this blog Whole network


 
  • Advertise with us

  • Learn more about our advertising options or email advertising - at - creative-weblogging.com or give Luis a call at +1 (650) 331 8047.


  • Other blogs in the same channel in the Creative Weblogging Network







 
Tagcloud: Accounting boards of directors Compliance corporate crime corporate governance corporate reputation Ethics events executive pay litigation markets regulators risk shareholder activism SOX Sponsored Blog strategy