SA’s economic crime highest in the world

SOUTH African organisations are reporting the highest instances of economic crime in the world over the past decade, a PwC report released yesterday has found. According to the PwC’s biennial Global Economic Crime Survey, South African organisations that have experienced economic crime are now at a staggering 77 percent, followed in second place by Kenya at 75 percent, and France in third place at 71 percent. The survey examines more than 7 200 respondents from 123 countries, of which 282 were from South Africa, with half of the top 10 countries who reported economic crime coming from Africa. “Asset misappropriation” remains the most prevalent form of economic crime reported by 45 percent of respondents globally, and 49 percent of South African respondents. This report comes as South African investors are still reeling from losing billions of rand from the Steinhoff International “accounting irregularities” scandal, with firms such as KPMG and Trillian Capital also having their business practices come into question. – African News Agency (ANA)