We should let our executives commit crimes lest they be outcompeted by other executives committing worse crimes is a terrible argument. It's more a argument for not letting the other company compete as easily in your country
Not to mention that it assumes assumes lying, cheating, and corruption is just the price you pay for quality products.
Seriously, if people are framing this in terms of "what's good for industry" vs "what is the right thing to do", the crooks have already won and your national industry has already lost.
If our companies get destroyed, people fired and US/Chinese crooks win while EU spirals into recession, moral high ground is going to be a poor comfort.