UN companies should welcome China's corruption crackdown
VIENNA (REUTERS) - An intensifying crackdown on corruption in China is a positive development that should be welcomed by companies doing business there, and not be a source of concern, a senior United Nations (UN) crime-fighting official said on Thursday.
Some foreign firms in China are getting increasingly jumpy about a spate of corruption and anti-trust investigations by Chinese authorities and are hiring lawyers to make sure their operations comply with the law.
Graft investigations have targeted the pharmaceutical industry while authorities have also launched a major probe into China's leading oil and gas company.
Mr Dimitri Vlassis, head of the corruption and economic crime branch of the Vienna-based UN Office on Drugs and Crime (UNODC), said corporate leaders should use the campaign against graft as an opportunity for reform.