TISL Reveals Groundbreaking Study on Private Sector Corruption Risks
Transparency International Sri Lanka (TISL) recently released a groundbreaking study on corruption risks within the private sector in Sri Lanka. The report, titled ‘Corruption Risk Mapping Research: A Study on Sri Lanka’s Private Sector,’ was unveiled at the BMICH in Colombo on December 12th. This comprehensive analysis sheds light on the various corruption risks present in the private sector and offers potential solutions to tackle them.
Traditionally, corruption in Sri Lanka has been associated with the public sector. However, this research highlights the significant role that the private sector plays in fueling corruption. The report outlines numerous allegations of corruption, particularly in interactions with government departments for approvals, licenses, and government contracts. Examples include kickbacks, fraud, conflicts of interest, and market manipulation tactics such as creating monopolies.
One interesting finding of the research is the impact of gender dynamics on corruption. Women are reported to be at a higher risk of facing sexual bribes in exchange for job opportunities or promotions within private sector entities. Additionally, the report emphasizes that while public listed companies are subject to strict regulations, their unlisted subsidiaries face fewer restrictions, providing an avenue for corruption to thrive.
To combat corruption in the private sector, the report suggests implementing robust anti-bribery and corruption policies, protecting whistleblowers, and promoting collective action against corruption. It also calls for the government to establish stronger regulatory bodies, digitize processes, and enhance procurement practices to curb corrupt activities.
The report launch was accompanied by a panel discussion titled “Beyond Compliance: True Business Integrity in a Box-Ticking World,” featuring industry experts Ms. Averil Ludowyke and Ms. Rukshani Wanigasekara. The discussion, moderated by Gowthaman Balachandran, Chief of Party for Transparent and Accountable Governance Project supported by USAID, delved into ways to promote business integrity amidst regulatory challenges.
Overall, the research by TISL provides valuable insights into the prevalence of corruption within Sri Lanka’s private sector and offers concrete steps to create a more transparent and accountable business environment.
