Spectator on facebook

Spectator on facebook

IN SHORT

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 reported.

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

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Slovaks speak the worst English in central Europe

Seven out of ten job applicants in Slovakia claim to speak English.

Illustrative Stock Photo

Journalists should resist the temptation to tweet

There is still a need for old-fashioned news reporters who just get the facts out there, says Pulitzer Prize-winning journalist Ian Johnson.

Ian Johnson

We refuse Fico's attacks against journalists

More than 480 journalists have signed a statement condemning the most recent verbal attacks of the former prime minister against journalists.

Slovak journalists at one of protest rallies organised in response to the murder of journalist Ján Kuciak and his fiancée.

UPDATED: Police investigate protest organisers over Soros allegations

The National Criminal Agency wants to see the accounts of the protest organisers due to a criminal complaint alleging they are paid by George Soros.