Egyptian businesses experience some of the highest levels of fraud and corruption worldwide, a survey conducted by international audit firm EY has shown.
Eighty percent of the 25 business executives surveyed in Egypt viewed corruption as widespread, a tie with Kenya and Nigeria. 44 percent confirmed that they have witnessed significant incidents of fraud in the past two years, putting Egypt at the top of the list. In Germany and Norway, 26 percent of respondents also reported experiencing fraud.
Perceived government corruption contributed to making thousands of Egyptians take to the streets in the 2011 uprising which ultimately led to the ouster of former President Hosni Mubarak.
In the report titled "Overcoming compliance fatigue: Reinforcing the commitment to ethical growth," fraud refered mainly to manipulation of financial reports while corruption refered to bribery.
EY, which has been assessing fraud and corruption trends for the past 10 years, found in this year’s report that unethical behaviour in businesses is a structural problem that is unlikely to be eradicated.
Transparency international criticised on Sunday the acquittal of Mubarak from corruption charges, deeming it a message 'that leaders can get away with decades of running a country while coffers are stripped bare.