Terry Guo urges toughter laws to stop bribery and to streamline its supplier base

Taiwan's Hon Hai Precision Industry, better known as Foxconn outside Taiwan, the world's largest contract electronics maker, held a press conference Sunday making an apology to investors and society over the scandal of Foxconn top-level managers receiving kickbacks, and urging legislators to pass a law of imposing a hefty punishment on employees who take bribes.

The group has already filed lawsuits against some of the executives in question. In response to the scandal, Guo said in a press conference that the company is planning to streamline supplier base by reducing supplier numbers from over a thousand to one fifth of that number within three year, while the company will kick off business automation in cooperation with suppliers to improve efficiency.

In addition to the upcoming change of internal procurement policy, Guo also pushed for tightening anti-corruption rules for private sectors. In the company of KMT Legislator Lu Chia-cheng in the press conference, Guo said that Taiwan needs to set up laws to stop bribes in private business, explaining that currently the criminal behaviors in private business such as embezzlement, fraud, and breach of trust are not clearly regulated as they do against civil servants. Guo said that the private businesses need to be protected by laws to stop the corruption within a company that hampers corporate efficiency and growth.

Legislator Lu said the draft of Corporate Anti-bribery Act has garnered sufficient supports from legislators and is scheduled to convene bipartisan negotiations in the next session and strive for priority review of the act with hopes of winning approval by legislators.

Speaking of the Mobile World Congress (MWC) 2014, Guo said that the company is working with BlackBerry to design and manufacture new device, which is scheduled to make its debut at MWC 2014 trade show in Barcelona in February.