MOSCOW, Nov 27 (PRIME) -- All Russian companies have high corruption and fraud levels, CEO of VTB Andrei Kostin said on Tuesday at a forum.
“We must think about the quality of corporate management seriously. Companies run by the state and private firms are often inefficient… We have a very high level of corruption and theft in all companies. See how strong it is in the banking sector,” Kostin said.
He said that privatization would be beneficial to reduce corruption but it is slowed down by “the external factors,” while development of state-private partnership will improve control over spending.
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