Indian Oil Corporation (IOC), India’s largest oil refiner, has launched an investigation into claims that a US-based specialty chemicals company bribed its officials to win lucrative contracts over a decade ago.
The US company in question, Albemarle Corporation, is a global leader in selling catalysts—chemical agents crucial for oil refinery operations. According to a report by India’s Press Trust of India (PTI), Albemarle allegedly paid bribes to secure contracts with IOC between 2009 and 2011.
The allegations surfaced in a detailed order by the US Securities and Exchange Commission (SEC) on September 28, 2023. The report accuses Albemarle of paying $1.14 million to an intermediary company in India. This shady deal reportedly led to profits of over $11 million for Albemarle in just two years. The bribes allegedly helped Albemarle obtain confidential information and secure orders from IOC, as well as from a private Indian company between 2009 and 2017.
Albemarle’s Trouble...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
