Authorities announced yesterday that Innospec Inc., a Delaware corporation, pleaded guilty to defrauding the United Nations (UN), to violating the Foreign Corrupt Practices Act (FCPA) and to violating the U.S. embargo against Cuba. Specifically, Innospec, a specialty chemical manufacturer, plead guilty to a 12-count information charging wire fraud in connection with kickbacks to the former Iraqi government under the UN Oil for Food Program (OFFP), as well as FCPA violations in connection with bribe payments it made to officials in the Iraqi Ministry of Oil. Innospec also admitted to selling chemicals to Cuban power plants, in violation of the U.S. embargo against Cuba. For example, Innospec admitted paying and promising to pay more than $1.5 million in bribes to Iraqi Oil Ministry officials from 2004 to 2008. As part of its plea agreement, Innospec agreed to pay a $14.1 million criminal fine and to retain an independent compliance monitor for a minimum of three years to oversee the implementation of a robust anti-corruption and export control compliance program. The company also faces up to a $40 million fine to settle SEC allegations.
Read the story here and here.
Read the DOJ announcement here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment