Indian oil leader investigates bribery allegations associated to US company
Date
12/24/2024 7:13:37 AM
(MENAFN) Indian Oil Corporation (IOC) has launched an internal investigation into allegations that US-based Albemarle Corporation bribed its officials 15 years ago to secure contracts for supplying catalysts. According to a report from PTI, the investigation follows a September 2023 order from the US Securities and Exchange Commission (SEC), which revealed that Albemarle allegedly paid nearly $1.14 million in commissions to an intermediary company in India between 2009 and 2011, leading to approximately $11.14 million in profits.
The SEC order claims that an Albemarle consultant bribed unnamed IOC decision-makers during this period to secure orders for catalysts and obtain sensitive information. Although IOC clarified that it was not a party to the SEC proceedings, it is conducting an internal review to assess the situation and take appropriate action.
IOC, a state-owned entity, emphasized its commitment to governance, transparency, and regulatory compliance. The company operates 10 of India's 22 oil refineries and holds a significant share of the country's fuel market.
This investigation comes amid other ongoing probes, including one into the Adani Group, led by billionaire Gautam Adani, regarding alleged bribery in securing solar power contracts. The Adani Group has denied the allegations.
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