You are a member of the Canadian Businessmen's Forum. You need to present a summary of the Coltech scandal at an emergency meeting of the Forum. Write a 150-word summary of the scandal and its business implications, using the information below. Violations May Damage Treatyby Emma AnzyExport of Coltech's microfilm products to Tarzania has been suspended pending aninvestigation into charges that the products do not comply with national export regulations.Five customs officials have been charged with accepting bribes to ignore the regulations.While Coltech's managers have denied the claim that they intentionally deceived authoritiesand buyers, local business people are concerned that the scandal will be perceived byTarzania as a lack of goodwill on the part of Canadian business in general.Regulation enforcement officials were alerted to the scheme when they received complaintsfrom their Tarzanian counterparts. "Coltech products are considered to be of superior qualityand as a result are in high demand. However, Coltech has been losing money in recent years.It is quite possible that the poor quality of the products in question was a result of a strategyto reduce this deficit," explains customs officer Steve Delray.Coltech's spokeswoman has declined to comment, but when asked, a former manager said,"In light of the situation, the current management will be expected to step down, and controlof the company will be up for grabs."Dayle Webber, a spokesman for the Tarzanian company, expressed the company's desire tocontinue to do business with Coltech and other Canadian companies. However, he admittedthat such hi-tech products would be subject to higher tariffs in the future. "We have nodispute with Coltech. Despite what has been said, we believe that the Coltech managementwas not involved in deliberately passing off poor quality products, and we intend to continuedoing business with them."Nevertheless, members of the Canadian Businessmen's Forum are concerned that Coltech'sactions will reflect badly on Canadian businesspeople as a whole."We hope that our relationship with the Tarzanians won't be irreparably damaged," saysForum president Allison Tandy. "I have been in continuous contact with them to ensure thatthere has been neither loss of faith nor loss of business."Allegations have been made that Coltech's competitors fabricated the entire scandal in anattempt to put Coltech out of business. In response, Alan Thomas, Marketing Manager forUptech Industries, Coltech's leading competition, said, "No one has plotted against Coltech.They have been caught dealing in bad business practices, and they'Il have to pay the price."

Canadian Business Forum is the forum expanding global partnership between Korea and Canada. The…

You are a member of the Canadian Businessmen's Forum. You need to present a summary of the Coltech scandal at an emergency meeting of the Forum. Write a 150-word summary of the scandal and its business implications, using the information below.

You are a member of the Canadian Businessmen's Forum. You need to present a summary of the Coltech scandal at an emergency meeting of the Forum. Write a 150-word summary of the scandal and its business implications, using the information below.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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