Insurance Times investigation reveals corruption is rife in Russia and facilitation payments are a way of life
Lloyd’s has been warned it faces a challenge to operate strictly within the Bribery Act when it opens its Moscow this year, an Insurance Times investigation reveals.
A source, with extensive experience in Russia, described the country as “utterly corrupt”, where paying off people is a way of life to get routine jobs completed such as permits passed and utilities switched on.
The source said: “Lloyd’s has decided to go in, so it must have decided that it can live with the consequences of UK legislation.”
A Lloyd’s spokesman said: “Lloyd’s is not new to the Russian market. We have been doing business in the country from London for years. Opening an office in Moscow is just the next step, and we will always operate transparently and to the highest ethical standards.”