Sat, Jul 04 2009

Corruption in Eastern Europe is major obstacle for American companies - report

Fri, Jan 09 2009 16:59 CET bySvetlana Guineva 145 Views
During 2008, intensive corruption practices in Russia, Ukraine, Bulgaria and Romania were among the most significant obstacles facing American companies expanding their business abroad, according to the Associated Press, quoted by the Bulgarian news agency BTA, citing an annual report by the Overseas Security Advisory Council of the US State Department published on January 8 2009.

The report noted that last year certain American businessmen had been exposed to immense pressure by the authorities of some Eastern European countries to hand out bribes in exchange for necessary permits and contracts.

Russia has been of special concern, the report pointed out, on account of so-called corporate piracy, whereby companies are "swallowed" up with the help of state institutions and state officials connected to criminal entities.

Among the other threats to the safety of American companies abroad, the report cites Somalian pirate attacks and violence in Mexico, stemming from drug trafficking.

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