Hungary ranks high in white collar crime

Issues

As much as 62% of national companies was subject to felony or other financial crime in the past two years, according to an international survey conducted by PricewaterhouseCoopers.

Number of unlucky companies rose drastically within this period (two and half fold), making Hungary rank above the CEE and global averages (50% and 42%, respectively). This is the fourth time PwC published its bi-annual research titled „Global financial crime”. This time over 5400 companies from 40 countries responded to the questionnaire.

Respondents were subject to 9 crimes on average in the past 2 years. Most common types of crime include theft / felony (48%), copyright violation (26%), and bribe (17%). Damages caused totals over Ft 4 billion. Up to 65% of the companies could not get anything back from the amount they had lost, and 73% of companies’ insurance does not cover these damages.

Ninety percent of white collar criminals are males, typically aged 31 to 50. Terms of punishment are relatively light compared to international standards: 75% of people convicted get less than 3 years prison. 30% of all cases are discovered accidentally or the culprit being turned in. (Gazdasági Rádió, Napi Gazdaság, Magyar Hírlap)

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.