Goodbye Boozy Dinners: Korean Business Braces for Corruption Crackdown

1) Bribe's are much less common now than before because accountability and enforcement has gone way up. Even places where I used to routinely bribe agents now are saying that they can't accept my offer due to enforcement issues. And companies I've worked at with access to the bribe budget have their budget mostly go unused these days.

Hell, Samsung increased the size of their internal audit team in recent years and now fire people who appear to have joined a kickback or bribe team. I offered their head audit guy cash dollars last week just to consult on a laundry gig, and he declined. I don't even know this country anymore.

Second, anyone can eat anywhere. What can't happen is that the meals can't be claimed as a business expense. Not a big deal for Joe Average who runs a owner/operator business who now will have to pay income tax on the money spent, but it does make it impossible for a corporation to spend money because they have to account where the money was spent as they are spending investor's money, not their money.

/r/korea Thread Parent Link - bloomberg.com