Anti-bribery ISO adoption / 1MDB legal costs / Indonesia FDI attraction

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Developing a Management Standard to Prevent Bribery: ISO 37001 Offers a New Approach, 2012 – 2019 (Resource/Publication). “Initially, adoption [of the international antibribery management system standard] was slow for three main reasons: companies were focusing their attention on compliance with applicable national laws; introduction of the new standard would demand significant amounts of management time; and final certification would require costly review by an independent third party. A high-profile bribery scandal at one of the first certified companies also raised credibility concerns.”

Tyler McBrien/Princeton University: https://successfulsocieties.princeton.edu/publications/developing-management-standard-prevent-bribery-iso-37001-offers-new-approach-2012-%E2%80%93  

 

Goldman Sachs cuts quarterly earnings, citing legal provisions relating to the 1MDB scandal. “The bank said in a filing it had set aside US$2.96 billion for potential legal and regulatory costs, up from the US$945 million announced on July 15 with its second-quarter earnings.”

CNBC: https://www.cnbc.com/2020/08/07/goldman-sachs-cuts-earnings-citing-provisions-relating-to-the-1mdb-scandal.html

 

Strong pandemic response, corruption eradication needed to attract investment: Experts.  “[Corruption] is the most concerning issue that we face in attracting investment, especially foreign direct investment,” said [Fadhil Hasan, a senior economist at the Institute for Development of Economics and Finance]”.

Dzulfiqar Fathur Rahman/The Jakarta Post: https://www.thejakartapost.com/news/2020/08/06/strong-pandemic-response-corruption-eradication-needed-to-attract-investment-experts.html

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