{"id":10287,"date":"2012-04-26T04:31:46","date_gmt":"2012-04-26T02:31:46","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/fraud-cost-africa-at-least-10-9-bln-in-2011-study\/"},"modified":"2012-04-26T04:31:46","modified_gmt":"2012-04-26T02:31:46","slug":"fraud-cost-africa-at-least-10-9-bln-in-2011-study","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/fraud-cost-africa-at-least-10-9-bln-in-2011-study\/","title":{"rendered":"Fraud cost Africa at least $10.9 bln in 2011-study"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, April 25<\/span> (Reuters) &#8211; Bribery, theft and other<br \/>\nkinds of fraud cost African governments and companies at least<br \/>\n$10.9 billion last year, auditing firm KPMG estimated in a study<br \/>\non Wednesday, a sobering reminder of the challenges facing the<br \/>\nfast-growing continent.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>KPMG said it arrived at the figure after scouring<br \/>\nEnglish-language news reports and databases of fraud cases from<br \/>\n2011.<\/p>\n<p><span><\/span><\/p>\n<p>The actual cost of fraud is likely much higher, given that<br \/>\nthe study was limited to information in the public domain, said<br \/>\nPetrus Marais, a forensic investigator with KPMG.<\/p>\n<p><span><\/span><\/p>\n<p>However, he said many governments appear to be making<br \/>\nheadway in fighting fraud and other types of corruption.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There is a strong sense that the tide is turning. More and<br \/>\nmore countries are making combating corruption an issue of<br \/>\ngovernment.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>The inaugural &#8220;Africa Fraud Barometer&#8221; found a total of 875<br \/>\ncases of fraud in Africa last year.<\/p>\n<p><span><\/span><\/p>\n<p>Management were responsible for $4.5 billion worth of fraud,<br \/>\nor 40 percent of the total for the year.<\/p>\n<p><span><\/span><\/p>\n<p>Governments and the public sector were the most frequently<br \/>\nimpacted by fraud, accounting for 44 percent of all cases in the<br \/>\nfirst half of 2011 and 39 percent in the second half.<\/p>\n<p><span><\/span><\/p>\n<p>South Africa and Nigeria had the highest number of reported<br \/>\ncases.<\/p>\n<p><span><\/span><\/p>\n<p>The role of a free press in digging up corruption was<br \/>\ncritical to fighting fraud, Marais said. \t<\/p>\n<p> (Reporting by David Dolan, editing by Ed Stoddard, Ron Askew)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG, April 25 (Reuters) &#8211; Bribery, theft and other kinds of fraud cost African governments and companies at least $10.9 billion last year, auditing firm KPMG estimated in a study on Wednesday, a sobering reminder of the challenges facing the fast-growing continent. KPMG said it arrived at the figure after scouring English-language news reports and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10287","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10287"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10287\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}