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The Bribery Scandal at Siemens AG - Case Study Example

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This paper discusses the impacts of bribing that was discovered at Siemens AG between 2006/2007. In essence, company employees bribed foreign officials to secure contracts, over and above, bribing labor representatives to gain support on their policies. In addition, it expounds on the illegal and unethical issues that is associated with the bribery scandal…
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The Bribery Scandal at Siemens AG
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"The Bribery Scandal at Siemens AG"

Download file to see previous pages Basically, the bribery scandal at Siemens critically demonstrates how employees were involved with unethical behaviours, which led to an irrevocable damage to the company’s reputation and the ultimate profitability and success (Marsh, 2007). Founded in 1847, the company made their listing in the New York Stock Exchange in 2001, where they were rated as the most efficient and profitable company. Never the less, the business world fell in 2006 when around 30 Siemens’ offices and private homes were raided based on the notion of bribery, fund embezzlement, and evasion of taxes, a raid that led to the uncover of what is said to be the world’s largest corporate bribery scandals.
It was evident that Siemens had involved itself in bribery and other related business malpractices. In essence, three main issues focus on failure of employees to hold fast on the ethical standards in relation to personal communication and cross cultural business relationships. First, the lack of cultural sensitivity, over and above, unfamiliar global practises greatly contributed to an abundant environment in which exploitation and manipulation of other companies was witnessed. Second, short time focus on making the deal through contract negotiation, and special bribes pulled out poor decision process from the managers of the company. In addition, there was lack of accountability, compliance, and transparency by management, a situation that permitted Siemens’ employees to involve themselves in fraudulent behaviour (Sims, 2007). Ethical Contemplation According to utilitarian approach on ethical matters actions are right once they achieve maximum good for maximum number of people. Although not all people will be favoured by the decision made, the overall is that everyone will be in a better position as compared to the previous situation. Needless to mention, that the act of bribery at the time seemed to be a cost effective issue as the company was able to secure some of the important contracts through the use of bribery that acted as the fraction of the monetary funds that the company expected in relation to the whole deal. Of important to note is that, there was dire need to keep the company in business and the use of bribery facilitated it survival, over and above been able to continue with their operations and provide of the society in term of social responsibility, employment opportunities, as well as, paying taxes (Thiel, 2007). Conversely, Siemens AG bribery scandal has a permanent impact on the owners and or shareholders and the company itself which may not be easily realised. In essence, the reputation and credibility of the company would be compromised a situation that ...Download file to see next pagesRead More
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