Watchdog: Bribery ruins global business 

(MENAFN - The Peninsula) Bribing public officials to obtain advantages in international business raises serious moral and political concerns, said Transparency International's President Huegette Labelle.

Speaking on the "Role of civil society and global public-private partnerships on the opening day of the sixth Global Forum on Fighting Corruption and Safeguarding Integrity', the head of global watchdog she said business leaders in the developing nations are being hugely bribed by the developed nations to win contracts for mega projects. "Business must not become the corrupting party. Soliciting side of the business must be stopped. Civil society has a great role to play in the battle against bribery and corruption in international business", she said.

The bribing in the business deal tends to undermine good governance and sustainable economic development. Over the last several years, the Organisation of Economic Co-operation and Development (OECD) has been playing a lead role in the battle against bribery and corruption in international business. The OECD is coming out with more and more new and better ways to combat corruption in the business world. All the countries must develop a school curriculum that instills moral courage among the young generation to stand up against corruption and develop a zero tolerance towards the social menace.

The Emir H H Sheikh Hamad bin Khalifa Al Thani with (from left) World Bank Managing Director Ngozi Okonjo-Iweala, US Attorney-General Eric Holder, and Qatar Attorney-General Dr Ali bin Fetais Al Marri during the opening of the 6th 'Global Forum on Fighting Corruption and Safeguarding Integrity' in Doha yesterday.

"Corruption hinders all development, slows all progress, impedes all advancement-both within our own countries and across our borders", said Eric Holder, Attorney-General, US .

Corruption strikes hardest at the poor and vulnerable, siphoning scarce resources away from those most in need. It advances the selfish interest of a dishonest few over the interest of the great many who work hard and who obey the law and our common traditions. Corruption also erodes rust in government and private institutions alike.

"Corruption will undermine confidence in the fairness of free and open markets; and it breeds contempt for the rule of law. Corruption is a scourge on Civil Society", Holder said.

He said the US has fired over 4000 high-ranking officials over the last few years who were accused of corruption charges.

Nagozi Okonjo-Iweala, Managing Director, World Bank; Ali Bin Fetais Al Marri, Attorney-General, Qatar; Alexander Konovalov, Minister of Justice, Russia; Gunnar Wieslander, State Secretary of Trade, Sweden, Baroness Patricia Scotland, Attorney-General, England and Wales and Gia Caliendo, Minister of State for Justice, Italy were among others who addressed different sessions.

By Satish Kanady