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Business Ethic - Essay Example

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Business Ethic

To what limit do the liberties of the bank stretch over developing nations? Chad is a poor oil-rich nation that has had its share of internal conflicts. Political instability and leadership battles have characterized this North African country. Corruption has also taken toll on the events in this country, and this is evidenced by the award of tenders and contracts to various corporations. The first oil contract was awarded to Exxon. After this, President Idriss quickly and corruptly awarded multimillion contracts to Chevron and Petronas, oil exploration companies. President Idriss’ rule was typical of the leadership of most Sub Saharan states in that he ruled with impunity and with no democracy. In order to hang on to leadership, the President invested a lot in armory. However, this put the government in loggerheads with International corporations like the World Bank which questioned the source of funds for such expenditures. The World Bank threatened to put financial sanctions on Chad by arguing that the manner in which the government acquired funding was questionable. It can be seen that The President of Chad may have contracted the other two companies as a desperate cat to save his country from the iron hand of the World Bank. This case typifies the corruption in the awarding of contracts in this poor African state, and the President is at the center-stage of all these. Ideally, oil exploration activities were supposed to uplift the economy of Chad. The revenues would be used for noteworthy projects in education, health and infrastructural development. The government set up a council that would oversee noteworthy utilization of oil revenues. Amazingly, the government would only be able to use 12.5% of the revenues. The rest would be remitted to the World Bank. 12.5% is an exceptionally small ratio to be allocated to a country as an economic stimulus from its own resource. World Bank had dictated this ratio to Chad. The World Bank flexed its authority in more than one ways to Chad’s disadvantage. In 1998 and 1999 parliament passed a law that saw the formation of the audition general and oil laws that favored the bank’s requirement. Funding was received in the year 2000. For Chad to receive any form of financial aid from the bank, her parliament had to pass specific oil laws. One of these was the 12.5% allocation to Chad as the rest was split between the bank and Exxon. The World Bank has in the past, and still continues to manipulate poor countries by recommending stringent laws that only favor them. Before agreeing to be the financier, the terms of the World bank were that Chad had tototally relinquish its oil sovereignty and Exxon was to submit all its plans for the bank to scrutinize. Natural resources of a nation are meant to boost the economy of that country and its citizens. The government is the sole custodian of such resources. To have the government of a poor nation give up such a right in exchange for future aid that may not be sought after is unethical. The bank took advantage of Chad’s poverty and wealth while it was supposed to protect the country as required by international business law. Exxon was not at liberty to lay down the pipeline. The bank studied the 800mile pipes layout and made drastic adjustments to them without consulting the firm. This was done to suit the bank’ ...Show more
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Summary

Name: Instructor: Course: Date: Business Ethics Ethics is a term that is used to denote the right and the wrong in any issue. Business ethics requires that an organization does what is right financially, socially and environmentally. This paper looks into the case of Exxon, a large multinational oil mining company, the government of Chad, the World Bank and 145 local NGOs involved in the oil extraction in Chad…
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