Corruption in the construction sector must be stamped out says TI UK

Wednesday, 23 September 2009

Commenting on the OFT investigation into anti-competitive activities in the construction industry,

Chandrashekhar Krishnan, Executive Director of TI UK said:

“We congratulate the OFT for showing teeth. That 103 construction firms have been caught behaving unethically shows corruption in the construction sector must be rooted out. Corrupt firms need to be deterred and punished by fines in order to level the playing field for those companies that have sound ethical codes and are playing by the rules.

“In an economic downturn it is essential that ethical business practices are not compromised. Businesses should be held to account, for it is society at large that pays the price. Transparency International’s Global Corruption Report 2009: Corruption in the Private Sector (GCR), published today, shows consumers around the world were overcharged approximately US $300 billion through almost 300 private international cartels discovered from 1990 to 2005 [1].”