The high-stakes play for the US-based energy group Unocal is a lesson for China’s CNOOC oil group. It showed that cash alone would not seal the deal, especially when there were questions about possible easy loans from its state-owned parent that go to the heart of the corporate governance and ethics debate. There were other considerations for Washington, but these blew into a political storm and clouded the debate.

This FT.com article (registration needed) looks at why Asia must look beyond profits to ethics in business dealings.

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