This article describes two good examples of corruption within an economy. The first example is bribery and the second is terrorism.
The Kwok brothers are two of the most powerful property business men in China, and are both billionaires. Both brothers along with Rafael Hui, a former city official, were all arrested in Hong Kong recently on suspicion of corruption in the form of bribery and misconduct in public office.
Hong Kong's laws are modeled after the British Legal System, which states that law enforcement agencies must offer bail to the suspects before they can decide whether or not to press criminal charges. So after the men were arrested, they left the ICAC law enforcement office.
Unfortunately this is not the first experience with corruption for the Kwok family. In 1997 former CEO of the family business, Walter Kwok was kidnapped and held for a ransom of $77.3 million. After his release he was able to re-enter back into the business and operate successfully for a number of years until 2008. In 2008 Walter was caught committing infidelity, which later caused his brothers to remove him from the executive board of the company.
1 comment:
While corruption is obviously not a good business practice, it seems in some countries it is simply too ingrained in the business environment to be eliminated.
Post a Comment