US DOJ Charges Innospec In Bribery Case, Settlement Expected
18 Mars 2010 - 6:24PM
Dow Jones News
The U.S. Department of Justice on Thursday charged chemicals
company Innospec Inc. (IOSP) with bribing Iraqi officials to win
and retain business under the United Nations' Oil-for-Food
Program.
Prosecutors filed papers in a Washington federal court charging
the company with bribery and conspiracy under the Foreign Corrupt
Practices Act. They allege Innospec and its subsidiaries were
involved in a conspiracy to bribe Iraqi officials from 2001 to
2008.
The department is expected to announce a settlement in the case
later Thursday, according to someone familiar with the
situation.
Innospec has previously disclosed the bribery investigation. It
said in a February filing with the Securities and Exchange
Commission that it expected to settle bribery investigations in the
United States and United Kingdom for a sum in the range of $28.8
million to $40.2 million.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com
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