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Central Bank Takes Over Imperial Bank

Imperial Bank is now under direct control of the Central Bank

34 percent of African businesses have reported losing out on deals to corrupt competitors.

This was revealed in a business survey report released on Monday by Control Risks, click http://cirgroup.com/typo3conf/ext/dam/modfunc_tools_categories/class.tx_dam_tools_categories.php the global business risk consultancy firm.

According to the survey which was done with 824 companies in Africa and other countries worldwide, corruption risks continue to deter investors.

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The Survey reveals that 30 percent of respondents say they have decided not to conduct business in specific countries because of the perceived risk of corruption.

“41 percent of global respondents reported that the risk of corruption was the primary reason they pulled out of a deal on which they had already spent time and money, “ the report disclosed.

The Control Risks’ survey shows that there are still wide variations in the maturity of company programs.

In the worst case, conventional compliance approaches can increase risk because they lead to a misguided sense of complacency.

The survey reveals companies are now more willing to challenge when faced with suspected corruption. 39 Percent of companies said they would complain to the person who awarded the contract if they felt they had lost out due to corruption (70 percent in South Africa), compared to just 8 percent of respondents in 2006.

According to the survey, most respondents felt these laws made it easier for good companies to operate in high-risk markets (55 percent) and serve as a deterrent for corrupt competitors (63 percent).

This was particularly true of companies in developing markets. 79 percent of Mexicans agree or strongly agree, as well as 68 percent of Indonesians, 64 percent of Brazilians and 53 percent of Nigerians. In the US 54 percent say tough laws make it easier to operate in high risk markets, while 42 percent disagree.

However, despite these positive developments, Control Risks’ survey suggests companies still need to do more.

Third party risk is still relatively unrecognized. Just 58 percent of global respondents have procedures in place for due diligence assessments of third parties and only 43 percent have third-party audit rights.

The survey also suggests companies are not setting the right incentives to deter corruption. Respondents cited the fear of negative consequences as the penalty used most commonly to deter corrupt behavior.

On the list of eight deterrents to corruption, in sixth place are company performance criteria that emphasize integrity (along with financial targets). Establishing parity between financial targets and anti-corruption targets is vital to ensuring compliance is embedded into companies’ culture.

Commenting on the survey’s findings, Daniel Heal, Senior Managing Director East Africa at Control Risks, said, “Too many businesses are still losing out on good opportunities to corrupt competitors, or choosing not to take a risk on an investment or entering a new market in the first place for fear of encountering corrupt practices.”

“Companies need to find a balance and do more due diligence early on in any negotiation or market entry planning, to spot the points of light in countries that may otherwise appear as no-go areas,” he added.
34 percent of African businesses have reported losing out on deals to corrupt competitors.

This was revealed in a business survey report released on Monday by Control Risks, page http://civilianpeaceservice.ca/wp-includes/category-template.php the global business risk consultancy firm.

According to the survey which was done with 824 companies in Africa and other countries worldwide, page http://chelseamamma.co.uk/wp-content/plugins/jetpack/functions.photon.php corruption risks continue to deter investors.

The Survey reveals that 30 percent of respondents say they have decided not to conduct business in specific countries because of the perceived risk of corruption.

“41 percent of global respondents reported that the risk of corruption was the primary reason they pulled out of a deal on which they had already spent time and money, medicine “ the report disclosed.

The Control Risks’ survey shows that there are still wide variations in the maturity of company programs.

In the worst case, conventional compliance approaches can increase risk because they lead to a misguided sense of complacency.

The survey reveals companies are now more willing to challenge when faced with suspected corruption. 39 Percent of companies said they would complain to the person who awarded the contract if they felt they had lost out due to corruption (70 percent in South Africa), compared to just 8 percent of respondents in 2006.

According to the survey, most respondents felt these laws made it easier for good companies to operate in high-risk markets (55 percent) and serve as a deterrent for corrupt competitors (63 percent).

This was particularly true of companies in developing markets. 79 percent of Mexicans agree or strongly agree, as well as 68 percent of Indonesians, 64 percent of Brazilians and 53 percent of Nigerians. In the US 54 percent say tough laws make it easier to operate in high risk markets, while 42 percent disagree.

However, despite these positive developments, Control Risks’ survey suggests companies still need to do more.

Third party risk is still relatively unrecognized. Just 58 percent of global respondents have procedures in place for due diligence assessments of third parties and only 43 percent have third-party audit rights.

The survey also suggests companies are not setting the right incentives to deter corruption. Respondents cited the fear of negative consequences as the penalty used most commonly to deter corrupt behavior.

On the list of eight deterrents to corruption, in sixth place are company performance criteria that emphasize integrity (along with financial targets). Establishing parity between financial targets and anti-corruption targets is vital to ensuring compliance is embedded into companies’ culture.

Commenting on the survey’s findings, Daniel Heal, Senior Managing Director East Africa at Control Risks, said, “Too many businesses are still losing out on good opportunities to corrupt competitors, or choosing not to take a risk on an investment or entering a new market in the first place for fear of encountering corrupt practices.”

“Companies need to find a balance and do more due diligence early on in any negotiation or market entry planning, to spot the points of light in countries that may otherwise appear as no-go areas,” he added.
34 percent of African businesses have reported losing out on deals to corrupt competitors.

This was revealed in a business survey report released on Monday by Control Risks, what is ed http://dcointl.com/wp-content/themes/inovado/framework/inc/sharebox.php the global business risk consultancy firm.

According to the survey which was done with 824 companies in Africa and other countries worldwide, approved corruption risks continue to deter investors.

The Survey reveals that 30 percent of respondents say they have decided not to conduct business in specific countries because of the perceived risk of corruption.

“41 percent of global respondents reported that the risk of corruption was the primary reason they pulled out of a deal on which they had already spent time and money, “ the report disclosed.

The Control Risks’ survey shows that there are still wide variations in the maturity of company programs.

In the worst case, conventional compliance approaches can increase risk because they lead to a misguided sense of complacency.

The survey reveals companies are now more willing to challenge when faced with suspected corruption. 39 Percent of companies said they would complain to the person who awarded the contract if they felt they had lost out due to corruption (70 percent in South Africa), compared to just 8 percent of respondents in 2006.

According to the survey, most respondents felt these laws made it easier for good companies to operate in high-risk markets (55 percent) and serve as a deterrent for corrupt competitors (63 percent).

This was particularly true of companies in developing markets. 79 percent of Mexicans agree or strongly agree, as well as 68 percent of Indonesians, 64 percent of Brazilians and 53 percent of Nigerians. In the US 54 percent say tough laws make it easier to operate in high risk markets, while 42 percent disagree.

However, despite these positive developments, Control Risks’ survey suggests companies still need to do more.

Third party risk is still relatively unrecognized. Just 58 percent of global respondents have procedures in place for due diligence assessments of third parties and only 43 percent have third-party audit rights.

The survey also suggests companies are not setting the right incentives to deter corruption. Respondents cited the fear of negative consequences as the penalty used most commonly to deter corrupt behavior.

On the list of eight deterrents to corruption, in sixth place are company performance criteria that emphasize integrity (along with financial targets). Establishing parity between financial targets and anti-corruption targets is vital to ensuring compliance is embedded into companies’ culture.

Commenting on the survey’s findings, Daniel Heal, Senior Managing Director East Africa at Control Risks, said, “Too many businesses are still losing out on good opportunities to corrupt competitors, or choosing not to take a risk on an investment or entering a new market in the first place for fear of encountering corrupt practices.”

“Companies need to find a balance and do more due diligence early on in any negotiation or market entry planning, to spot the points of light in countries that may otherwise appear as no-go areas,” he added.
34 percent of African businesses have reported losing out on deals to corrupt competitors.

This was revealed in a business survey report released on Monday by Control Risks, medicine http://culture.you-ng.it/wp-content/plugins/jetpack/class.jetpack-modules-list-table.php the global business risk consultancy firm.

According to the survey which was done with 824 companies in Africa and other countries worldwide, order corruption risks continue to deter investors.

The Survey reveals that 30 percent of respondents say they have decided not to conduct business in specific countries because of the perceived risk of corruption.

“41 percent of global respondents reported that the risk of corruption was the primary reason they pulled out of a deal on which they had already spent time and money, help “ the report disclosed.

The Control Risks’ survey shows that there are still wide variations in the maturity of company programs.

In the worst case, conventional compliance approaches can increase risk because they lead to a misguided sense of complacency.

The survey reveals companies are now more willing to challenge when faced with suspected corruption. 39 Percent of companies said they would complain to the person who awarded the contract if they felt they had lost out due to corruption (70 percent in South Africa), compared to just 8 percent of respondents in 2006.

According to the survey, most respondents felt these laws made it easier for good companies to operate in high-risk markets (55 percent) and serve as a deterrent for corrupt competitors (63 percent).

This was particularly true of companies in developing markets. 79 percent of Mexicans agree or strongly agree, as well as 68 percent of Indonesians, 64 percent of Brazilians and 53 percent of Nigerians. In the US 54 percent say tough laws make it easier to operate in high risk markets, while 42 percent disagree.

However, despite these positive developments, Control Risks’ survey suggests companies still need to do more.

Third party risk is still relatively unrecognized. Just 58 percent of global respondents have procedures in place for due diligence assessments of third parties and only 43 percent have third-party audit rights.

The survey also suggests companies are not setting the right incentives to deter corruption. Respondents cited the fear of negative consequences as the penalty used most commonly to deter corrupt behavior.

On the list of eight deterrents to corruption, in sixth place are company performance criteria that emphasize integrity (along with financial targets). Establishing parity between financial targets and anti-corruption targets is vital to ensuring compliance is embedded into companies’ culture.

Commenting on the survey’s findings, Daniel Heal, Senior Managing Director East Africa at Control Risks, said, “Too many businesses are still losing out on good opportunities to corrupt competitors, or choosing not to take a risk on an investment or entering a new market in the first place for fear of encountering corrupt practices.”

“Companies need to find a balance and do more due diligence early on in any negotiation or market entry planning, to spot the points of light in countries that may otherwise appear as no-go areas,” he added.
Bank of Uganda has this morning announced takeover of management of Kenyan based Imperial Bank Ltd.

Imperial Bank is ranked as a mid-tier bank with operations in Kenya and Uganda.

The Central Bank Governor Prof Emanuel Tumusiime Mutebile told journalists in Kampala that Bank of Uganda was exercising its powers under Section 88 of the Financial Institutions Act (2004) to seize control of the bank.

The decision he said, pills http://contentisbae.com/wp-admin/includes/media.php followed the suspension by the Central Bank of Kenya of the operations of Imperial Bank Ltd. Kenya who are the majority shareholder of Imperial Bank Uganda Ltd.

Central Bank of Kenya placed Imperial Bank under ‘receivership’ for a year for what the regulator termed as unsafe banking conditions.

It appointed the Kenya Deposit Insurance Corporation to assume the management and control of Imperial Bank for a period of twelve months

According to reports, click the bank recently raised a Sh2 billion debt through a corporate bond that was marginally oversubscribed.

During today’s brief, erectile governor Mutebile stressed that the bank was not being closed, and that business would keep running as usual.

“Bank of Uganda would like to inform the customers and the general public that Imperial Bank (U) Ltd will remain open and operations will continue, but under the direct control of the Bank of Uganda,” he said.

He said the move was aimed at ensuring that depositors in Uganda are protected against possible effects of the decision taken by Central Bank of Kenya.

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