This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ8S0IJ_L.jpg
As part of the resolution, the global chemical company admitted to using third-parties “to pay bribes to government officials to obtain and retain chemical catalyst business with state-owned oil refineries in Vietnam, Indonesia, and India,” taking in $98.5 million in profits, the department said.
It also agreed to continue to cooperate with the Justice Department “in any ongoing or future criminal investigations relating to this conduct,” it added.
“Albemarle’s eventual voluntary disclosure of fraud and subsequent efforts to remedy its business practices abroad are a step in the right direction for the company,” U.S. Attorney Dena King for the Western District of North Carolina said in a statement.
Albemarle (NYSE:ALB) entered into a three-year non-prosecution agreement as part of the settlement, and the Justice Department agreed to credit part of the forfeiture to pay the Securities and Exchanges Commission (SEC).
As part of the Foreign Corrupt Practices Act investigation, the SEC separately charged that “despite significant red flags,” the company violated the law by using agents between 2009 and 2017 who paid bribes in the three countries.
Albemarle also agreed to cease and desist from any future violations as part of the settlement, the SEC added.
Representatives for the company could not be immediately reached for comment.
