Bribery Scandal Unveiled: Inside Albemarle's Dealings with Indian Oil

Indian Oil Corporation is investigating historic bribery allegations involving US-based Albemarle Corporation. The SEC alleges that Albemarle paid bribes through intermediaries between 2009 and 2011 to secure contracts. Despite no accusations against IOC, the company is reviewing the claims to maintain its governance standards.

The Indian Oil Corporation (IOC), a state-owned enterprise, has initiated an investigation into decade-old bribery allegations involving a US chemicals firm, Albemarle Corporation. According to a recent filing, Albemarle allegedly bribed officials to secure contracts for supplying catalysts to IOC.

The US Securities and Exchange Commission (SEC) order reveals that Albemarle paid approximately USD 1.14 million in commissions to an intermediary, gaining USD 11.14 million in profits from the deals secured between 2009 and 2011. The firm settled the case with US authorities in 2023 with a fine exceeding USD 198 million.

Although no allegations have been made against IOC in connection with the SEC proceedings, the company has launched its own internal review to understand the situation comprehensively. The IOC emphasizes its adherence to governance and compliance standards as it seeks to address and resolve the allegations fully.

(With inputs from agencies.)