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Corruption in Business in Australia Assignment
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Added on 2020-03-23
Corruption in Business in Australia Assignment
Added on 2020-03-23
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Running head: CORRUPTION IN BUSINESS IN AUSTRALIACORRUPTION IN BUSINESS IN AUSTRALIAName of the student:Name of the university:Author note:
1CORRUPTION IN BUSINESS IN AUSTRALIAAustralia was ranked 13th in the transparency International’s global corruption index inthe for the second year. This index evaluates the perception of corruptions that occur in publicservice. Major forms of corruption are related to mining industry and foreign bribery inAustralia. Corruption has the potential to create catastrophic harm to the overall economicgrowth of the country. This essay aims to illustrate the various bribing scandals that occurred inAustralia and the anti-corruption polcies and legislation that need to be enforced.Professor AJ Brown is a member professor of the Transparency International Australiaboard."We have every reason to be concerned that next year, unless we start to take someconcrete steps to build international confidence, then this may just have just been a little step ona continued way down," Professor Brown said (Direct quote). One of the corruption case wasnoted when a scandal took place where two firms owned by the Reserve Bank of Australia calledthe Securency and Note printing Australia were charged with the case of bribing foreignofficials so that they can win back note contracts in the year 2013 (ABC News 2017) (Newsarticle). Many researchers are of the opinion that illicit flow of funds into Australia andparticularly from Asia has been one of the significant problems for which proper laws need to beplaces with correct transparency (Watt 2015). Moreover, there are two important Australiancompanies who have embroiled in the different bribery scandals which reach into the offices ofthe presidents of Sri Lanka as well as the Republic of Congo. These organizations are believed tohave been engaged in multimillion dollar contracts (ABC News 2017) (News article). It has beenfound that Perth based mining industry called the Sundance Resources had bribed the leaders ofthe Republic of Congo since they required presidential approval in 2007 as they were in need ofthe Africa’s most ambitious iron projects of Australia. When the Australian Federal police hadconducted an investigation, it showed that a secret share of deal which had a worth of millions of
2CORRUPTION IN BUSINESS IN AUSTRALIAdollars was brokered with the son of Congo’s despotic president namely Denis Sassou Nguesso.In this regard, the company had successfully captured the president’s support for backing up theproject (Belasen and Toma 2015). Another important scandal came into news which includediconic Snowy Mountains Engineering Company (SMEC). The overseas staff of the organizationhas bribed the officials to secure a $2.3 million aid-funded sewerage project in the nation of SriLanka in the year 2011. Not only that, they developed a partnership with the Canadian companyand together bribed a $ 2.2 million power plant project in the nation of Bangladesh on the year2007 (Nick McKenzie, 2017). A deal was signed with the Sri Lankan cabinet minister called Mr.Sirisena who was given bribes from the Australian company in the form of donations for whichSirisena would approve the awarding of the dam contract to the organization (ABC News 2017)(News article). Another corruption which had shook the business world of the nation is thescandal of the head of the Primary healthcare namely Peter Gregg as well as his former employerLeighton’s Holdings and engineering group called WorsleysParsons getting involved in Briberyand corruption. Gregg was found to make a whopping payment of $ 15 million which he claimedto be a legitimate payment but could not prove it (Nick McKenzie 2017). Tabcorp had been alsoinvestigated by the Federal police as it was engaged in bribing the Cambodian prime ministerwhen the company wanted to get gaming license in the country (Breen et al. 2017) (Academicjournal).It is seen form from the discussion that there are many organisations as well as the peoplewho are facing the corruption on the daily basis. In most of the cases it has been seen that acompany might be asked by a government official of a foreign country for payment or amount ofmoney in order to pass a licence which will help the organisation to sell a product to consumersthere. there are times when the company can only enter into a potential growth markets if they
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