Precision Parts

In: Business and Management

Submitted By cocoalw
Words 1123
Pages 5
Precision Part Inc. is looking to do business with other international companies. One of the countries that Precision part is interesting in is Germany. In order to do business in Germany, it is important to understand their business ethics and laws. By understanding the law at hand, it would give Precision Part Inc. a better understanding on how Germany conduct business and also to make sure the company is ethical.
A few international countries believe in corruption. Corruption can consist of bribery and nepotism. Bribery is more common in underdeveloped countries that are looking for additional income to bring in. Bribes are expected in many countries, the United States’ 1977 Foreign Corrupt Practices Act prohibits payments made to foreign government officials with the aim of gaining or maintaining business (Here Comes the Bribe). The Foreign Corrupt Practices Act was updated in 1998 after bribery was banned from Germany. Now the Foreign Corrupt Practices Act applies to foreign firms and persons who cause an act in making such a corrupt payment within the United States territory (Foreign Corrupt Practices Act). Bribery is another way of saying extorting money from someone. Bribery is when money or something value is promised to, given to, or taken form an individual or company in attempt to sway someone decisions. Nepotism is more of a government corruption. Government will use their powers for dishonest gains or illegal means.
German engineering conglomerate Siemens, rocked by the worst bribery scandal in the country’s history, they won a court ruling reversing a $56 million fine against the Munich-based company (In Germany, Bribery Doesn’t Always Mean Corruption, and Siemens Finds). Former manager pleaded guilty to paying bribes to win the contract from Italian Enel Group. A small court ordered Siemens to pay back millions of dollars in profit but the…...

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