Indian Oil probing charges of US firm bribing its officers-OxBig News Network

State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company’s regulatory filing.

Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly “paid nearly $1.14 million in commission to India intermediary company relating to IOC business and obtained approximately $11.14 million in profits on that business between approximately 2009 and 2011,” according to a US SEC order dated September 28, 2023.

Albemarle was caught for bribery by US officials in 2017. He settled the case in September 2023 by paying more than $198 million fine. IOC said it was “neither a party to nor is there any allegation against it”.