Ethics: Hong Kong's ICAC warns businesses not go rogue in tough times

Speaking at the Independent Commission Against Corruption's "Business Ethics Conference cum Pledging Ceremony for Small and Medium Enterprises" today (Wednesday), ICAC Commissioner Dr Timothy Tong Hin-ming said the ICAC took tough actions against those who resorted to bribery and illegal practice in conducting business.

"A total of 417 persons have been prosecuted for business sector corruption and related fraud cases from January 2008 to August this year," he revealed.

"Integrity is not only a moral virtue. For businesses, it is a quality which defines who can survive and thrive especially in times of economic downturns," the Commissioner stressed.

Dr Tong highlighted the importance of cross-boundary and cross-sector cooperation in enhancing a clean business environment in view of the growingly integrated development of the pan Pearl River Delta region.

Leaders from some 50 organisations representing over 30,000 local SMEs took part in a pledging ceremony officiated by Permanent Secretary for Commerce and Economic Development, Miss Yvonne Choi Ying-pik, to register their commitment to uphold ethical business practice.

Also officiating at the ceremony were Legislative Councillors Mr Albert Ho Chun-yan, Mr Andrew Leung Kwan-yuen, Mr Ronny Tong Ka-wah and Mr Ip Kwok-him.

Speaking after the ceremony, the Commissioner noted that the corruption situation in Hong Kong remained stable and well under control.

"The ICAC received 2,180 corruption reports in the first eight months this year, a three percent drop against the same period last year," said Dr Tong.

He attributed the stable corruption situation to sustained preventive and education efforts and an improved economy.

"Of these complaints, 1,388 were related to the private sector, 666 concerned government departments and 126 were against public bodies," he said.