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After enactment of strict anti-bribery legislation in the UK a few years ago, sales of British firms in corruption-prone regions of the world grew 6pc more slowly than those of comparable European firms, says Stefan Zeume of the University of Michigan. Moreover, UK companies operating in such regions displayed a drop in firm value after enactment of the law. Taken together, the findings suggest that bribes are indispensable for doing business in certain parts of the world.
(Source: Stephen M. Ross School of Business, University of Michigan)
Published in Dawn, Economic & Business, August 24th, 2015
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Aug 24, 2015 01:04pm
I went to islamabad passport office for passport. I wasted 2 days because 1st day after waiting in line to become 10 the official announced "NADRA record not working,go home". Next day, i was told i have rawalpindi address so transfer fees from islamabad to rawalpindi office and go there. I went to delivery desk so they can sign a form saying money is transfered to Rawalpindi account and there the passport office guy was saying this to someone "Sir app ka passport tyar hai".The customer gave him 3000 rs(normal fee for passport) and official upset said " yeh kaam 10 days ka hai sir, 2 days main kia, chai panay ka intazam kon karay ga".The guy then gave him 1000 rs extra and got his passport and walked away smiling. The beauty of Pakistan.
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