The Policy Corruption in the Private Sectors, the Unenforceable by Law

Abstract

This academic journal concerned with the Corruption in the Private Sectors is a type of corruption that does not involve state/government officers. In listed companies, corruption is typically committed by people of a higher, executive position misappropriating a company’s assets. It can be in forms of, including but not limited to, theft and embezzlement via price manipulation, insider trading, and/or accounting fraud – illegal acts that are strictly forbidden by laws. Another type of private corruption is called “The Policy Corruption in the Private Sectors.” It is a type of corruption where executives and/or board fraudulently exercise their power to establish, impose, selectively apply, or nullify certain company’s policies and procedures in order to obtain a company’s properties or monetary assets. These acts of exploitation run afoul with corporate governance principles and are a cause of injustice to a company as well as its shareholders. Like any other types of private corruption, the policy corruption in the private sectors can cause damages to the public who are shareholders. Thailand has yet to prescribe laws establishing rules and procedures in response specifically to this type of corruption. Hence, the enactment of such laws is pivotal to outlaw and eradicate the corruptive, policy-related actions in the private sector.