Scale of counterfeiting problem is revealed in new figures
The number of high risk suppliers to the US government, including companies that sold suspect counterfeit product to military and commercial electronics channels, increased dramatically by 63% from 2002 to 2011, according to market analyst IHS. “This large and growing trend highlights the need for members of all tiers of the supply chain to implement tighter supplier-monitoring and procurement procedures in order to meet increasingly stringent regulations,” said IHS. A total of 9,539 suppliers in 2011 were reported either for known involvement in high-risk, fraudulent and suspect counterfeit-part transactions, or for conduct identified by the government as grounds to debar, suspend or otherwise exclude from contract participation. In all, 78,217 potential high-risk firms and suppliers to US government agencies, defense contractors and subcontractors were reported during the period from 2002 to 2011. IHS has said that reports of counterfeit parts in the electronics supply chain quadrupled from 2009 to 2011.
Related Posts
Taxing question of curbs on tobacco smuggling
GCC health ministers last month endorsed the call for a 100 per cent increase in...
40 pc fake pesticides being used in country: Study
Illiteracy and unawareness of farmers accompanied by bizmen's lack of scientific...
Alibaba Group Holding Ltd Partners With US CSPC
Alibaba Group Holding has partnered with US CSPC to end sales of harmful products...
Banned cigarettes worth Rs 8 lakh seized, man arrested
NEW DELHI: A 40-year-old interior designer has been arrested for his alleged...