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40% of all construction companies hit by crime

Nearly half of all engineering and construction companies have been a victim of economic crime in the past year reveals a report published this week.
Despite the EU's free market, companies working within it are equally susceptible to corruption and fraud as they would be in the rest of the world.They are also likely to suffer much greater losses because of the higher project values, warned report author Price Waterhouse Coopers' (PWC) global engineering and construction leader Jonathan Hook.On average each firm poled had lost £600,000 to various forms of corruption, but the EU average was £1.25M.PWC sent a survey to all the prominent names in the industry worldwide and got responses from 180 companies in 26 different countries.Increasing demand in the industry is likely to increase the problem warned Hook: 'skills shortages might mean companies have to go outside its normal comfort zone, client need to be particularly vigilant.' Despite all this only 18% of the firms poled believe they are likely to suffer from economic crime in the next five years.'Given 43% of engineering and construction companies have experienced economic crime over the past two years; this optimism may be somewhat misplaced unless the companies work to implement more concrete fraud prevention measures,' said Hook Related links:Today's top stories

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