Spectator on facebook

Spectator on facebook

World Bank: Billions spent on bribes in Slovakia

THE WORLD Bank estimates that Slovaks spend tens if not hundreds of billions of crowns every year on under-the-table payments and bribes. According to a report by the bank, companies in the 10 new EU-member states spend five to seven percent of their annual revenues on bribery and extortion payments.

The money goes to secure needed information and lucrative contracts, as well as "security" from organized crime groups.

Firms have no difficulty concealing these illegal payments in their books to make them appear legal - the money is often accounted for as payment for consulting services. Bribes are also hidden as marketing expenses or operating costs, the SME daily wrote.

Companies in Slovakia spend a similar proportion of their sales revenues, or 5-7 percent, on legal activities, such as enforcing contracts.

Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Wooden toothbrushes prompt small-scale industrial revival in Bratislava Photo

To begin with, young enthusiast Roman Kovács just wanted to change his local environment for the better, and to help people.

Roman Kovács wants to renew production of wooden toothbrushes in Bratislava.

Blog: HR Marketing: Not everybody can be Google!

It is important to know who your target audience is and the position you aspire to achieve as an employer on the market.

Illustrative stock photo

The idea of Slovakia

What does this country stand for? Slovaks could – and should – shout a little louder about what they have achieved, and where they want to go.

D1 highway, illutsrative stock photo

Amazon chose Slovakia for its top returns centre Photo

The online retainer lures its future workers by wages and benefits.