The recent investigation into the corporate espionage case has amply demonstrated the extent of penetration of corporate malpractices in institutions of governance. Critically examine its nature and implications for the country. (200 Words)
Corporate espionage, Crony Capitalism, Corporate lobbyism and Insider trading has been side-effects of capitalism. Recent investigations on stealing of classified information from the Ministry of Petroleum and Natural Gas (MoPNG) has brought the case of corporate malpractices again to the forefront. Nature and Implication of such instances on country‘s governance and economy are many. Some are listed below:
- Such stealing and spying on classified information are done with sole intent to book profits using this information in stock-exchange price fluctuation, distorting the price of commodities in market like cements, steel etc. Also, setting up prior industries or purchasing of land on proposed site is often made.
- If important information on future course of action of govt is there with corporate then, they start lobbying to bribe politicians toward their favour or create obstruction through various sponsored protests. This results in delay of projects.
- Information’s on industrial sops, NPAs waive-off or settlements are used tactically by industries to wade off their pending loans.
- Critical information helps corporate to evade taxes by preparing their balance sheet as per the govt expectation and policy that is yet to come
- Often information leaked are of policy figures, such figures are later used by corporates to cut deal with govt as they already know the govt presumed target to raise from auctions or projects developments.
Hence, sectors which want to maintain secrecy toward their data/information because
they hold values to department‘s money raising and expenditure procedures. This
information should be ensured absolute privacy and no leakages.
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