Corruption in International Arbitration

This book explores and examines the nexus between corruption and in-ternational arbitration. To do this, several resources d consultation, including elusive published arbitral awards and eminent national court judgments. To begin, it is prudent to furnish a brief history of corruption.

Corruption in the international arena is widespread and deceptive.

Pursuant to Transparency International s Corruption Perception Index 2014, "not one single country gets a perfect score and more than two-thirds [69 percent of countries] score below 50, on a scale from 0 (highly corrupt) to 100 (very clean)." The same Index reveals that 58 percent of G20 coun-tries score below 50 out of 100. Astoundingly, the World Bank estimates that the annual cost of corruption is US$1 trillion. it is approximated that, solely in developing countries, corrupt officials receive bribes amounting to US$40 billion each year.

in Addition, in a 'first-of-its-kind' report issued by the European Union (hereinafter EU), statistics illustrate the urgency of the problem through summation of the costs of corruption to Europe's financial markets. According to the report, corruption devastates the EU's economy and reflects an annual loss equating to US$ 162.19 billion across 28 member states.

Corruption may be credited for obstructing assurance of fundamental human rights, rule of law, social justice, and democracy, regardless of that country's political system and level of development. Accordingly, cor-ruption weakens institutions, breeds ineffectual governments, and erodes public confidence.