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Corporate Compliance Trends

~ Anti-Corruption Compliance in Emerging & Frontier Markets

Tag Archives: investment

Corruption: It’s Just Unattractive

17 Wednesday Feb 2016

Posted by Laura Van Voorhees in Global

≈ Comments Off on Corruption: It’s Just Unattractive

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china, corruption, investment, transparency

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In early January, Norway’s sovereign wealth fund decided to divest its entire stake — approximately $11.37 million — in the Chinese company ZTE because the company is facing corruption allegations in 18 countries, 11 of which have launched formal investigations.

The move by the world’s largest sovereign wealth fund followed an assessment by the Council of Ethics, the body that advises oil-rich Norway’s central bank on investments. “The Council has concluded that the company has failed to demonstrate satisfactorily that internal anticorruption procedures are being effectively implemented,” a statement said. “There is an unacceptable risk that the company may once again become involved in gross corruption.” Read more…

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