Stefanie Yuen Thio comments in BT: “Keppel scandal holds lessons for Singapore Inc”

Recent corruption scandals especially those involving Singapore conglomerates operating overseas, have made headlines. Speaking to the Business Times on the broader issues relating to doing business in corruption-ridden emerging markets, I acknowledged the challenges facing Singaporean businessmen who are more used to working within a more ethical framework. However, there are no grey areas when it comes to participation in white-collar crime. “If there is no way to do business in a country without paying bribes, then don’t do business there,” I said. “However there may be ways to participate in an emerging economy’s growth without putting business boots on the ground there. For example, supplying parts or services to companies who do conduct business there, without taking part in corrupt business practices that would be necessary if the Singapore company were to have a business establishment there, could be one way.”

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