Thursday, March 20, 2008

'In any organisation, procurement faces the risk of supplier kickbacks'

Kickback is the most prevalent form of fraud

Inducement, backhander, enticement, carrot, sweetener, and kickback are all among the synonyms that Microsoft Word suggests for `bribe.' The word gets rarely uttered, even when the `demand' is tall, nor does one find tariff cards mentioning the going rates, possibly because speed money is part of our ecosystem.
Therefore, it may not come as a rude shock to most of us that a majority of a survey's "respondents quite candidly stated that coporates in India pay bribes or facilitation payments to conduct business," as Mr Deepankar Sanwalka, Executive Director and Head of Forensic, KPMG observes.

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