Preview

Unethical Practices in Two Different Company

Good Essays
Open Document
Open Document
813 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Unethical Practices in Two Different Company
-------------------------------------------------
MGT 360
-------------------------------------------------
busINESS ethics AND SOCIal responsibilty

UNETHICAL PRACTICES OF TWO COMPANIES
OCEANIC BANK
PFIZER PHARAMACEUTICAL

OCEANIC BANK
Oceanic Bank International Plc, Nigeria. The present CEO of Oceanic Bank International Plc is John Aboh. Oceanic bank is one of the most leading financial service institutions in Nigeria. Oceanic bank was incorporated in 1990. Oceanic bank is now twenty-one year old, and has it has grew to be one of his recognized financial service in West Africa. One can classified Oceanic bank as a commercial bank.
In October 2010, the bank was faced with an unethical issue which was faced and mismanagement practices. The unethical issue was with Cecilia Ibru who was former CEO of Oceanic bank. She was accused to have granted credit facilities of up to seven hundred thousand and forty-seven thousand billion naira tracing half of it going to her family and also giving credit facilities without using the credit approve limit. During EFCC investigation, it was found that trillions of naira was traced to Mrs Ibru, she was charged to Lagos State Federal High Court and was found guilty for bank and securities fraud and sentenced to eighteen months in prison due to her health issue, she punishment was reduced to six months and she forfeited one hundred and fifty billion naira of cash and asset. The punishment given to her to me didn’t seem adequate but the punishment is till okay, although it shows that on one is above the law and the country is trying to kick out corruption from the economy sector.
The case was unethical because as a CEO and icon figure you should show good behaviour, if a CEO of a company is involved in fraud what example is he/she showing his/her employees under him/her and what information is he/she giving her customers who keep their money and
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Week 8 Checkpoint Impacts of Unethical Behavior
    • 374 Words
    • 2 Pages

    Week 8 Checkpoint Impacts of Unethical Behavior

    The affect of the unethical behavior has changed the profitability of the company drastically but is now starting to regain their name with the new CEO pillmore and he has worked hard to reestablish the company’s integrity. He has also set new guidelines for ethical conduct and has…

    • 374 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Monimed: Voluntary
    • 962 Words
    • 4 Pages

    Monimed: Voluntary

    Was the ethical dilemma that the company was involved in also illegal? If not, why should anyone within the company be concerned?…

    • 962 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Discussion Question 2
    • 439 Words
    • 2 Pages

    Discussion Question 2

    Nothing great comes without a price. Although there are number of factors that influence the ethical behaviors of a person, none of these factors were powerful enough to change the unethical behaviors of these people CITATION Cer11 \l 1033 (Cernusca, 2011). If I were a high-level leader in this corporation, my personal ethics would not allow me to become ignorant to the situation that was occurring. Although millions of dollars were being distributed to these executives to essentially keep them quiet, there needed to be boundaries and a sense of empathy for all of the losses that others were suffering at the time. I would have alerted the proper authorities, made sure that all stakeholders were informed of the company’s debts and most importantly I would have sat all of the executives down to enforce the corporation’s code of ethics. If Lay was able to demote executives as quickly as he did for simply disagreeing with him, he had to have a reason and an ethical backing to support his decisions.…

    • 439 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    Case Richard Scrushy In Healthsouth
    • 856 Words
    • 4 Pages

    Case Richard Scrushy In Healthsouth

    When looking at the case, one can agree with this indication. Many people in both in high and lower positions did not speak up, even when they suspected or witnessed unjust activity. Some did not want to be preserved as whistleblowers and did not want to put their job on the line. The next sign to this ethical lapse, is the “Young’uns and a bigger-than-life CEO.” Scrushy was a man in a very high position. Many of his employees feared him. He was intimidating and had even carried a gun in a brief case as well as bodyguards. He only looked at his own best interest and had little to no relationship with his employees and someone had even heard him say, “If we ever get caught I would blame them all and deny…

    • 856 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Richard Scrushy: Health Care Company In The United States
    • 247 Words
    • 1 Page

    Richard Scrushy: Health Care Company In The United States

    In 2003 the largest publicly traded health care company in the United States Health South was accused of inflating there earnings to meet stockholder expectations. This was done by their CEO Richard Scrushy. He inflated the number by $1.4 billion dollars and did it by tell underlings to make up number and transactions from 1996-2003. The reason he got caught is because he sold his stock totaling $75 million dollars right before the company post a huge loss. This is what triggered the SEC suspicions of the CEO of Health South. Richard Scrushy was acquitted of all thirty six counts of accounting fraud, but he did receive a seven year sentence for bribing the governor of Alabama. This caused Health South to have to find a new CEO. Health South…

    • 247 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Good Essays

    Ethics and Company
    • 605 Words
    • 3 Pages

    Ethics and Company

    1. What would you think were the root causes for Chiquita’s actions in Columbia that ultimately led to its conviction?…

    • 605 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Insular Leadership Case Study
    • 515 Words
    • 3 Pages

    Insular Leadership Case Study

    There are so many signs of bad leadership in this case, it was baffling. The ethical issue is clearly corruption, and many of the things that go along with that word. Theft, misinformation, dishonesty in spades!…

    • 515 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Worldcom Scandal
    • 3420 Words
    • 14 Pages

    Worldcom Scandal

    Although it is not my intention to get involved in the legal aspects involved with this matter it is of mild importance to mention that both the CEO and CFO along with a handful of other employees were found guilty of numerous charges and face huge fines and jail time. Knowing that and knowing that they might get into serious trouble for their actions, why would they commit fraud? Obvious motives include greed and or pressure to please investors and creditors. It is hard to know for sure but the above mentioned most likely played a role. However, it is important to look into the background of these people to see if their decisions were persuaded in part by lack of knowledge or experience. In the case of CFO Scott Sullivan, he went to school for business, and was knowledgeable in accounting. However, lacked experience expected from an important executive. But still had to understand he was making some pretty risky decisions. On the other hand, Bernard Ebbers grew up caring more about basketball and went to pretty much the only college that would let him play. He attended Mississippi College, and graduated with a degree in physical education. After college he coached high school basketball for a while and eventually invested with a few friends into a motel, he grew this business and eventually had a few motels. He started Worldcom in 1983; its success was due to good timing, help from Wall Street big wigs interested in the telecommunications industry, and Ebbers ability to be a great salesman. This is important because Ebbers never had a true business background, was not educated or well versed in finance or accounting. He was not the typical corporate executive, but he was all of a sudden running the second largest telecommunications firm in the world. He also had no background…

    • 3420 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Better Essays

    Bp—Deepwater Horizon Case Study Ethics
    • 1897 Words
    • 8 Pages

    Bp—Deepwater Horizon Case Study Ethics

    To businesses, ethics have always been a grey area. Whilst it is not proven to be profitable to display ethical behavior, the discovery of any involvement in unethical behavior will lead to dire consequences on the company. As such, unethical behavior may have been inherent in certain businesses, but with the changing business landscape, increasing numbers of such actions are now being exposed and campaigned against, making it a concern for businesses today.…

    • 1897 Words
    • 8 Pages
    Better Essays
    Read More
  • Better Essays

    Analysis Of Robert Nardelli's Leadership Theories
    • 1242 Words
    • 5 Pages

    Analysis Of Robert Nardelli's Leadership Theories

    He was unethical to his employees and customers which he spoke to them badly. “Typically they need to feel that their leaders can be relied upon to choose a response to any given situation which is ideally based on transparent, shared and understood ethics, principles of values” (Millar, Delves, & Harris, 2010). A leader should be able to cope with behaving ethical toward their employees, especially if they want positive feedback. As stated in the article unethical manipulation seems often linked to charismatic leadership and in turn to currently in-vogue priorities such as transformational leadership. In my opinion Robert Nardelli had transformed the company into a rising company by double their profits. Robert knew that he brought the company out of an bad situation which he probably felt that he was an effective leader. Sometimes when some leaders accomplish something positive they become self-centered, and feel they have power. Leaders have to be ethical they want to be able to show values, set positive examples, form clear potentials of ethical conduct, coach and support ethical behavior, recognize and reward behaviors that support organization, be mindful of one’s differences with subordinates, and attain leader training and mentoring. Some individuals felt that Robert Nardelli was an effective leader and want to follow in…

    • 1242 Words
    • 5 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Unethical Work Environments
    • 543 Words
    • 3 Pages

    Unethical Work Environments

    [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.]…

    • 543 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Ethical Decision Making
    • 1553 Words
    • 7 Pages

    Ethical Decision Making

    The collapse of HIH Insurance Ltd in 2001 is a prime example of the consequences of unethical behaviour. The collapse was a result of a number of immoral business decisions made by management. The company managed to hide severe financial difficulties from investors by commencing a series of takeovers, such as that of FAI Insurance. Unethical accounting practices were employed to cover up the reality of the company’s financial situation. On 20th June 2000, the intangible asset of “goodwill” represented $405 million of the company’s assets . The Australian Securities and Investments Commission (ASIC) claimed that the executives “breached their duties by showing a lack of good faith, care and diligence for HIH’s assets.” One HIH director, Rodney Adler, was found guilty on four counts and was sentenced to 4½ years in jail. The court held that he was “being intentionally dishonest and failing to discharge his duties as a director of HIH in good faith and in the best interests of HIH, contrary to section 184(1)(b)…

    • 1553 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Business Ethics- Accounting Irregularities at Worldcom and Arthur Andersen
    • 4546 Words
    • 12 Pages

    Business Ethics- Accounting Irregularities at Worldcom and Arthur Andersen

    Business ethics is an area of ethics that examines ethical rules and principles within a commercial perspective using cases such as: Accounting Irregularities at WorldCom and Arthur Andersen…No More: What Went Wrong? (Business Ethics 4th Ed: Cases 5 & 6 pg.101-109), both clearly present various moral and ethical problems that arise that are real life business scenarios as well as question the impact of certain ‘special’ duties/obligations that apply to particular individuals and employees who choose to engage in these activities in the organization leading to their downfall. The WorldCom case and scandal occurred because accountants as well as former CEO Bernie Ebbers and Scott Sullivan failed to live the virtues of accountancy as well as failed to adhere to the moral principles and ideals of their profession and further analysis reveals the ways in which these irregular accounting practices were carried out along with the consequences and charges laid by investigators such as conspiracy, fraud and many false claims regarding their accounts and profitability. The Arthur Andersen…No More: What Went Wrong? case is another scenario where a series of unethical accounting practices resulted in the firm’s decline and the role they played in the accounting fraud at Enron. The way in which these corrupt practices took place is an obvious indication of the culture of the organization and the moral standings of employees, close relationships which affected both the company and clients such as Enron.…

    • 4546 Words
    • 12 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    World Com
    • 1454 Words
    • 6 Pages

    World Com

    1)Provide a Mission Statement and brief background about WorldCom. Briefly explain how WorldCom did not honor their statement.…

    • 1454 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Best Essays

    Impact Of Strategic Planning On Organizational Performance And Survival 2
    • 4843 Words
    • 23 Pages

    Impact Of Strategic Planning On Organizational Performance And Survival 2

    an organization, of which First Bank of Nigeria, Plc (FEN) will be used as case study. Based…

    • 4843 Words
    • 23 Pages
    Best Essays
    Read More

Related Topics