A Charlotte-based chemical manufacturing firm agreed to pay greater than $218 million in penalties following federal investigations that discovered the corporate spent years bribing international authorities officers in return for enterprise, a U.S. Justice Division launch stated.
Albemarle Company agreed to the cost after admitting to Justice Division and Securities and Trade Fee investigators that its third-party brokers conspired to bribe officers in Vietnam, Indonesia and India for enterprise with the nations’ state-owned oil refineries, the discharge stated. The schemes happened between 2009 and 2017 and violated the International Corrupt Practices Act.
Albemarle was named a Fortune 500 firm this yr.
“Albemarle earned almost $100 million by taking part in schemes to pay bribes to authorities officers in a number of nations,” stated Appearing Assistant Lawyer Common Nicole M. Argentieri of the Justice Division’s Felony Division within the division’s launch.
In accordance the the Justice Division:
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Albemarle Company received contracts at two state-owned oil refineries in Vietnam after an middleman gross sales agent sought increased commissions to pay bribes to Vietnamese officers.
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The corporate used a third-party middleman to safe enterprise with Indonesia’s state-owned oil firm even after an middleman instructed Albemarle that it must pay bribes for the enterprise ties.
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Albemarle used a third-party to “corruptly retain catalyst enterprise with India’s state-owned oil firm by avoiding Albemarle being blacklisted,” the federal government launch stated.
“Corruption has no borders, however neither does justice,” stated Dena King, U.S. legal professional for the Western District of North Carolina within the division’s press launch. “Corporations are anticipated to stick to the identical moral and authorized requirements whether or not they’re doing enterprise on U.S. soil or abroad.”
In an announcement, Albemarle stated: “The actions taken by a restricted variety of former workers and third-party gross sales representatives occurred years in the past … These accountable for these previous actions have been held to account and separated years in the past.”
The assertion stated Albemarle’s cost resolved the self-reported investigation and the corporate has since modified the way it displays third events.
Along with the $218 million cost, Albemarle has agreed to cooperate with the Justice Division in any present or future investigations associated to its enterprise dealings.