Taiwanese companies reported fewer economic crimes than their global or regional peers, but more cases of bribery and procurement fraud, a survey by PricewaterhouseCoopers (PwC) Taiwan showed on Wednesday last week.
A quarter of Taiwanese respondents said they were the target of economic crimes, far fewer than their global peers’ 50 percent and the Asia-Pacific region’s 46 percent, PwC’s annual crime and fraud survey showed.
This might be because Taiwanese firms are generally cautious when responding to fraud, but it might also indicate that they are less aware of the risks associated with fraud and economic crimes, the firm said, adding that it might also indicate that control measures are relatively ineffective.
Misappropriation of assets is still the most common type of fraud in Taiwan, accounting for 39 percent of all fraud, followed by bribery and corruption at 35 percent, the survey showed.
Bribery and corruption is higher than the global 25 percent rate and the Asia-Pacific region’s 30 percent, it found.
Of economic crime victims, 17 percent said they have suffered from procurement fraud, it showed.
Bribery, corruption and procurement fraud in Taiwan could be higher, PwC said, adding that about 31 percent of Taiwanese respondents believe they have lost business opportunities due to competitors’ bribery practices, higher than the global 22 percent and 26 percent in the region.
In addition, 26 percent of Taiwanese economic crime victims reported being the target of intellectual property theft, much higher than the world’s 7 percent and the region’s 6 percent, the survey showed.
This might be because 40 percent of the Taiwanese respondents are in the technology and manufacturing industries, compared with 17 percent in the world and 20 percent in the region, PwC said.
“Taiwanese companies, regulators and law enforcement agencies should pay attention to the issue, because the science and technology industry makes great contributions to the nation’s economy,” PwC Taiwan head Joseph Chou (周建宏) said.
Sixty-eight percent of local respondents that reported being victims of economic crimes said that the most devastating type come from within, as 79 percent were committed by middle and high-level managers.
The high ratio of ranking perpetrators poses a challenge to fraud control, because they are privy to a company’s confidential information, the company said.
NXP Semiconductors NV expects its first automotive-grade 5-nanometer chip built by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to become available for automakers within one-and-a-half years at the earliest, following demand for better computing performance and energy efficiency for connected vehicles, a company executive said yesterday. That would mean a significant upgrade from the 16-nanometer technology NXP adopted in its existing series of microprocessors. NXP chief technology executive Lars Reger made the remarks during a media briefing yesterday in Taipei. The latest updates came after NXP unveiled its plan to source 5-nanometer capacity from TSMC in 2021. This is Reger’s first trip to
CENTRAL BANK: The consumer price index would grow while core CPI is set to move forward at a milder rate, the governor said, adding that the GDP forecast is down The central bank yesterday kept its policy rate unchanged for the second straight quarter, saying that a rate pause would help support the economy, as consumer prices have moderated and would return to the 2 percent target next year. “The board gave unanimous support to a policy hold, although some members voiced concern over lingering inflationary pressures and called for close monitoring,” central bank Governor Yang Chin-long (楊金龍) told a media briefing after its quarterly board meeting. The consumer price index (CPI) would grow 1.83 percent next year, while core CPI after stripping out volatile items would advance a milder 1.73 percent,
SLUMP: The electronics, machinery and traditional industries posted the largest decline in the past year; overall, sectors showed gains over the previous month Taiwan’s industrial production index decreased 10.53 percent year-on-year to 91.38 last month, falling for a 15th consecutive month on an annual basis, as weak global economic growth continued to weigh on end-market demand and investment momentum, the Ministry of Economic Affairs said on Saturday. The industrial production index gauges output in Taiwan’s four main industries: manufacturing, electricity and gas supply, water supply, and mining and quarrying. Last month’s decline was the smallest contraction since March when the index dropped 16.03 percent from a year earlier. On a monthly basis, the index rose 7.28 percent, marking a second straight month of improvement,
Huawei Technologies Co (華為) largely omitted mention of its controversial Mate 60 smartphone series at a grand showcase of its new consumer products yesterday. The Shenzhen-based company would increase smartphone production in response to demand, said consumer division chief Richard Yu (余承東), without naming the handset triggering that surge. The Mate 60 Pro earned international notoriety with its advanced made-in-China processor last month, causing concern in Washington about Huawei’s progress toward developing in-house chipmaking capabilities despite US trade curbs. Huawei’s new phones have fired up the company’s sales and were among the top sellers in China in the week before Apple Inc’s
RSS