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A wake-up call for all concerned
Improving financial reporting standards could help prevent financial wrongdoing.
- Gulf News
- Published: 23:58 August 15, 2008
The news involving a government investigation into alleged financial wrongdoing by two key officials of a government-owned business by the Dubai public prosecution comes as a wake-up call for all. The news comes nearly six months after police detained a former chief executive of a publicly-listed property developer for alleged fraud.
High-growth economies, where large-scale commercial projects are fast-tracked against time, are usually prone to corruption and fraud. So this news should not come as a surprise. The investigations and corrective measures undertaken by the authorities are also a sign that the government is tough against corporate corruption. Improving financial reporting standards and raising transparency levels could help prevent such financial wrongdoings in the country, which is not known for such acts, and could help save it from similar events in the future. The government's tough stand sends a strong message to the rest to play by the rules and not dare to bend them.
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