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Corporate Corruption
The financial world of Japan is rocked by a stock market scandal which, on Monday, led to the resignation of Setsuya Tabuchi, the chairman of the country's prestigious and all-powerful Nomura Securities Company. The move came Just a month after the company's president. Yoshihisa Tabuchi — no relation of the chairman — had stepped down.
The scandal stemmed from recent disclosures of dealings by Nomura and a few other brokerage Arms with shady characters in Tokyo's underworld—referred to Japanese reports as gangsters —and their compensation payments to powerful customers who had suffered losses tn the stock market. These compensations, the outgoing chairman of Nomura has now conceded, were totally irregular. Since it is now feared that some of these compensations might have been paid to politicians, a committee by the Diet, the Japanese legislature, may hold a hearing on the scandal next week.
The proposed Diet hearing would focus on the size of corruption which Nomura and three other major brokerage Arms are allegedly guilty of. It Is now feared by the Tokyo press that as many as 18 of the country's second-tier security companies may have paid irregular compensations to clients for losses.
Meanwhile, in another scandal, a former executive of the well-known trading company Marubeni Corporation has been arrested by Tokyo police for allegedly helping to arrange fraudulent business orders worth $26.6 million.
On the face of it. the growing corporate corruption in Japan remains a matter of concern not only to the world's mightiest economic power but also to the International community which has so much to do with trade, commerce and Investment of Japan. The shadow cast over the ruling Liberal Democratic Party (LDP), indeed over the country's political system as a whole, by the 1989 resignation of Premier Noboru Takeshita over illegal political donations and stock trading is also still there.
There is some truth in the sayihg that corporate corruption goes hand in hand with rapid expansion of major trading and Industrial corporations. whether they operate from Japan, the United States. South Korea or Kuala Lumpur. It Is also argued by some that there exist loopholes in the regulatory system of the stock market in a number of these countries, which are exploited by a small minority of unscrupulous brokers and operators. Again, as some experts in Britain say. privatisation of former public sector corporations has created what often looks like a free-for-all situation for new company directors In the United Kingdom, where their salaries and financial benefits are concerned.
In a developing country like Bangladesh which has embarked on privatisation, there Is a great deal to learn from what Is happening in developed industrial democracies, especially Japan. One is rightly concerned about rising corporate corruption in Japan, but we must admire the display of honesty and integrity by the chairman and the president of Nomura Securities, as demonstrated in their resignations and admission of guilt. It is this business culture which is yet to develop its roots in most developing countries that provides a check to corruption and wrong-doing. Another lesson to be learnt Is that the authorities cannot abandon their watchdog role over the private sector and must be ready to take stringent measures against corrupt practices. Here, Bangladesh should take a close look at the laws in Singapore as well as at the working of the Independent Commission Against Corruption (ICAC)- in Hong Kong.