The Government should not penalise Singapore companies that play by industry rules in countries where corruption is rampant and no clean company can survive.

Keppel Offshore & Marine (Keppel O&M) and ST Marine were not the only ones who bribed people. Bribery in international business transactions is a function not only of demand for such bribes, but also of supply or willingness by multinational corporations (MNCs) to provide bribes to avoid losing out to others prepared to give.

It is easy to say it is all about ethics, but at what price ethics? Keppel O&M and ST Marine are public-listed companies answerable to shareholders and boards of directors in terms of profits, sales and dividends.

The core question facing any company with global operations is whether to go along with a demand for illegal payments if it wants to win business or, at least, to maintain its position.

Paying bribes abroad is sometimes viewed as an almost unavoidable cost of doing business. We should not allow our MNCs to suffer from an uneven playing field because foreign competitors are happily paying bribes.

An area that presents a particular challenge is the practice of giving gifts, something ingrained in many cultures. If only life were so simple that lines can be easily drawn between the ethically correct and morally problematic.

The fight against foreign bribery has gained significant momentum in the past year. While this fight reflects a commendable ambition to set up a model of governance on an international scale, issues remain to be addressed to make the process fair for all stakeholders involved.

Francis Cheng