Private sector not corruption-free

2017-12-28 06:00

THE recent exposure of “accounting or auditing irregularities” and alleged fraud and corruption in the private global retailer called Steinhoff shows that wrongdoing is also rampant and pervasive in the private sector.

As evidenced by the fresh revelation of alleged wrong business practices by several private-sector corporations, the private sector is not a corruption-free sector and examples of ethical business practises, righteousness and efficiency.

After reading through numerous articles, analysis and write-ups about the Steinhoff scandal, I believe private-sector corruption is as big a problem as the public sector and has no language, nationality or race boundaries. Corruption does not just accidentally happen or mysteriously emerge. It is carefully crafted in boardrooms and often presented or discussed during sporting or leisure activities.

In order to help fast track the process of nation building and to fulfil the different constitutional objectives and aims, both private and public sector corruption must be thoroughly investigated and rooted out. In all conscience, there is absolutely no ceiling to the magnitude to which dishonesty, bribery and fraud, once it is unchecked, can undermine the stability of organisations, companies and even governments.

If not guarded, corruption can turn into a powerful monster and become a hurdle to sustainable financial and economic progress.


MOHAMED SAEED

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