The Department of Justice announced on Friday that Albemarle Corp. would pay more than $218 million to resolve a federal investigation into its plot to bribe authorities in several foreign nations, including more than $103 million to financial regulators.
The agency said that the multinational chemical corporation agreed to a resolution in which it acknowledged employing intermediaries “to pay bribes to government officials to obtain and retain chemical catalyst business with state-owned oil refineries in Vietnam, Indonesia, and India,” earning $98.5 million in profits.
Additionally, it promised to keep assisting the Justice Department “in any ongoing or future criminal investigations relating to this conduct,” it was stated.
According to U.S. Attorney Dena King for the Western District of North Carolina, “Albemarle’s eventual voluntary disclosure of fraud and subsequent efforts to correct its business practises abroad are a step in the right direction for the company.”
“A small number of former workers and third-party sales agents engaged in acts years ago… In a response to Reuters, Albemarle said, “Those accountable for these prior conduct were separated and held to account years ago.
As part of the settlement, Albemarle signed a three-year non-prosecution agreement, and the Justice Department agreed to credit a portion of the forfeiture towards paying the Securities and Exchanges Commission (SEC).
The SEC separately said that the corporation broke the Foreign Corrupt Practises Act by utilising agents between 2009 and 2017 who paid bribes in the three nations, “despite significant red flags,” according to the investigation being conducted under the FCPA.
As part of the settlement, Albemarle also consented to refrain from any other violations, the SEC stated.