SEOUL, Dec 11: The cost of corruption may become insurmountable in Die globalised economy unless action is taken. Asian nations were warned today at the start of an anti-corruption conference here, reports AFP.

'The region has to build up credibility, within Die context ofglobalisation, and transparent and well-functioning institutions with diverse Asian characteristics but based on Die rule of law," said vice president of the Aslan Development Bank John Lintjer.

He told participants at Jie Conference on Combating Corruption in the Asia-Pacific Region: The costs of corruption are high and will become Insurmountable. I am afraid, in a globalised world."

Alleviating the "disproportionate burden" on the poor resultingfrom corruption was already a major challenge for the Asian Development Bank (ADB) as it advises on the economy and administration, he said.

"But nowadays, In addition, the effect of globalisation if riot properly addressed, stands to threaten prospects for economic development and to affect the structure of the economy in the countries of our region.

'The easiness with which foreign direct and port-

folio Investors find speculators can move money |o and from countries in the region might entail financial crisis situations of unprecedented proportions." he warned.

To fight corruption. Die ADB aimed to support competitive marketsand clean administration, back anti-corruption campaigns and ensure projects that the ADB was involved with "adhere to highest ethical standards."

Aslan countries, started the review of their attempts to eradicate widespread corruption amid signs that some are getting lough.

President Joseph Estrada of the Philippines Is on trial. China has executed two lop officials Dils year for taking bribes and South Korea, which is hosting Die three-day conference, has ordered a new clampdown after a series of embarrassing scandals.

But all the signs are diat the prosecutors, corruption-busters and government officials face an uphill struggle. Some countries may be taking action but the sums involved are also getting bigger, experts say.

Clay Westcott, an administration specialist with the ADB, said as much as one-third of public invest-pient in many Asia-Pacific nations Is squandered on corruption. But he said a 'wave of anticorruption sentiment is sweeping through the Asia-Pacific region. He highlighted how senior officials in China. Indonesia. Pakistan. the Philippines. Thailand and Vietnam had been forced to resign or face criminal charges.

Znao Dengju. China's deputy prosecutor general, told how China is handling 9.000 corruption and briber}' cases involving state banks arid other enter-

The official said "combating corruption is a serious political struggle that has a bearing on the life or death of the party in power and the state" in China.