Economic crime on the rise, says survey

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Incidents of economic crime in Hong Kong have increased by 4% to 26% since 2005, according to PricewaterhouseCoopers¡¦ (PwC) 2007 Global Economic Crime…

Incidents of economic crime in Hong Kong have increased by 4% to 26% since 2005, according to PricewaterhouseCoopers¡¦ (PwC) 2007 Global Economic Crime Survey: Hong Kong, which was released October 16 2007. The survey was based on the responses of executives of 100 companies selected at random from a wide variety of industries in Hong Kong.

The average direct financial losses to Hong Kong respondents were US$618,000, says PwC. Respondents reported spending on average an additional US$60,000 on managing these cases, which includes legal costs, investigation costs and stakeholder management. Sixty percent of those that experienced economic crime stated they had suffered collateral damage or significant collateral damage to their businesses above and beyond the monetary losses.

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