Following the launch today of Transparency International (TI)’s Global Corruption Report 2009: Corruption in the Private Sector (GCR),

 Chandrashekhar Krishnan, Executive Director of TI UK said:

“This report shows clearly that corruption is bad for business, inflating costs by an estimated ten per cent¹.”, raising the cost of capital, distorting investment decisions and damaging reputations – to say nothing of the knock-on impact for the wider victims of corruption who are usually the poor and disadvantaged.  An up-to-date, effective UK law that outlaws bribery is essential to help protect honest companies and stop customers from footing the bill².”

 Notes to editors

1. Half of international business executives polled estimated that corruption raised project costs by at least ten percent (p59).
2. Consumers across the world were overcharged approximately US $300 billion through almost 300 private international cartels discovered from1990 to 2005 (p26).
3. To view the report please go to http://www.transparency.org/news_room/in_focus/2009/gcr2009