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Some points to raise with your management and sorry for you.

>I'm not sure ethically

Better be sure legally.

1. Is the risk worth company reputation ?

2. The client is buying 'company' if nothing else there, client will be 'frustrated' for cheating them. How hard is to build new relations ? Does it cost more than the profit from the project ?

3. The 'company' is at mercy of vendor for not showcasing the work done.

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Legally there are tax credits in the mix here, I purposefully stay the hell away from that side of things for reasons like this.

1. To management, I would say almost certainly. The first question that is asked these days when new work comes in is not "how do we make this awesome" it's "how much of this can be outsourced".

2. I'm not sure our clients would care to be honest. They probably are happy the project is just being managed and completed on time - who cares who actually does the work :(

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