Indian Oil Corporation probes allegation of US firm bribing officials

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Indian Oil Corporation probes allegation of US firm bribing officials - Business Standard

Quick Summary:

Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly "paid approximately USD 1.14 million in commission to India intermediary company relating to Indian Oil Corporation business and obtained approximately USD 11.14 million in profits on that business between approximately 2009 and 2011," according to a US SEC order dated September 28, 2023.

State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company's regulatory filing.

Albemarle was caught for bribery by the US authorities in 2017 and then settled the case in September 2023 by paying a hefty fine of more than USD 198 million to avoid prosecution.