Briefly:

(May 14, 2008) Fraud and corruption are substantial risks to companies with global operations, but according to a report from Ernst & Young, Canadian companies are experiencing less of these problems than their foreign counterparts.

In a global survey, the accountancy found that 80% of North American companies in the study reported no incidents of bribery or corruption in the last two years. The global average is just 65%.

“North American companies are much more understanding of whistle-blowing as an effective control than those in any other region,” says Mike Savage, Ernst & Young partner and Canadian leader of the firm’s fraud investigation and dispute services practice. “Compared to most regions, we’ve made a lot of progress towards a fair, competitive and transparent economy.”

In Japan, for example, 72% of respondents had experienced recent bribery or corruption. It was also the jurisdiction that was least likely to see whistle-blowing as a successful measure for minimizing bribery and corruption.

Globally, one in four respondents said they had experienced bribery or corruption in the past two years, and more than one-third said corrupt business practices are getting worse.

Scotia buys out Peru partner

(May 14, 2008) Scotiabank has struck a deal to buy out its Italian partner in Scotiabank Peru, giving the Canadian bank 98% ownership of the South American venture.

“With market-leading products and a commitment to excellent customer service, Scotiabank Peru has established itself firmly in the Peruvian market,” said Carlos Gonzalez Taboada, CEO of Scotiabank Peru. “The combination of more than 175 years of banking experience and the passion of our employees is what makes Scotiabank a leader, in Peru and around the world.”

Scotiabank has been in Peru since 1997, but the purchase of Banco Wiese Sudameris and Banco Sudamericano in 2005 bulked up its presence. The holdings were combined to form Scotiabank Peru, creating the country’s third-largest bank.

(05/14/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.