Global corruption keeps rising despite U$ 11bn in fines… AI solution provider launches regulatory compliance product
Teams from several Ashurst offices and practices across Asia Pacific have advised on the sale of TRILITY, a leading supplier of water utility services to public and private entities in Australia and New Zealand.
The group of owners, selling TRILITY to Beijing Enterprises Water Group, include Mitsubishi Corporation, Innovation Network Corporation of Japan and JGC Corporation.
Ashurst’s large team of partners and other lawyers was led by was led by partners Natsuko Ogawa (Corporate) and Tanya Denning (Resources & Utilities).
It included Australian corporate partners Kylie Lane and Simon Fraser; tax partner Ian Kellock; employment partners Jane Harvey and George Cooper; environment partner Robert Jamieson; IP/TMT partners Kellech Smith and Tim Brookes; property partner Andrew Gay; finance partners Michael Sloan, Simon Irvine, and Kenneth Nguyen; insurance partner Rehana Box.
Partner Kensuke Inoue led the Tokyo team.
A new survey from EY shows that there has been no improvement in since 2012. Despite regulators and law enforcement agencies around the world imposing more than US$11b of financial penalties since 2012, 38% of global executives still believe bribery and corrupt practices remain prevalent in business.
“The lack of improvement in global levels of corruption over the last six years shows that unethical behavior in business remains a daunting challenge, despite intensified global enforcement,” says Andrew Gordon, EY Global Fraud Investigation & Dispute Services Leader.
The survey shows that, while at board level there is a high level of intent for integrity, leaders need to ensure that they develop and maintain a culture of integrity throughout their organisations.
Thirteen percent of respondents say they would justify making cash payments to win or retain business, rising to 20% among those that are under the age of 35 years old.
Regions in which corruption risks were higher than the global average included Central and Eastern Europe (47%), the Middle East (62%) and Latin America (74%), despite improved anti-corruption legislation and more active enforcement in some countries.
“As regulations change, lawyers need to act fast to meet deadlines,” said Emily Foges, CEO of Luminance. “Luminance enables an intelligent, comprehensive impact assessment, providing lawyers with an instant insight into a body of contracts and highlighting potential areas of concern.”
The firm, whose clients include Allens, G+T and McCullough Robertson, recently surpassed 75 clients in 23 countries.
