+
IOC Probes 15-Year-Old Bribery Allegations by US Firm
ECONOMY & POLICY

IOC Probes 15-Year-Old Bribery Allegations by US Firm

State-owned 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. According to a US Securities and Exchange Commission (SEC) order dated September 28, 2023, Albemarle allegedly paid approximately $1.14 million to an Indian intermediary and earned $11.14 million in profits between 2009 and 2011.

While IOC stated it is not a party to the US SEC proceedings, it has initiated a fact-finding review to understand the allegations and ensure appropriate action. The company emphasized its commitment to high standards of governance, transparency, and regulatory compliance.

Albemarle, a global specialty chemicals supplier, settled the case in 2023 by paying a $198 million fine to US authorities. The SEC report detailed that Albemarle engaged an Indian agent despite internal warnings of potential violations of the Foreign Corrupt Practices Act (FCPA). The agent allegedly bribed senior IOC officials to avoid sanctions and secure contracts.

IOC, which operates 10 out of India’s 22 refineries with a combined capacity of 80.8 million tonnes annually, reassured stakeholders of its law-abiding practices. The company controls 40% of India’s fuel market.

The SEC order revealed that the Indian agent received a commission three times higher than Albemarle’s standard rates, facilitating corrupt payments to IOC officials and private customers. The arrangement enabled Albemarle to retain sensitive information and secure contracts in India, Indonesia, and Vietnam, resulting in corrupt dealings worth over $63.5 million globally.

IOC’s internal review aims to reinforce its commitment to ethical practices while shedding light on these long-standing allegations.

State-owned 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. According to a US Securities and Exchange Commission (SEC) order dated September 28, 2023, Albemarle allegedly paid approximately $1.14 million to an Indian intermediary and earned $11.14 million in profits between 2009 and 2011. While IOC stated it is not a party to the US SEC proceedings, it has initiated a fact-finding review to understand the allegations and ensure appropriate action. The company emphasized its commitment to high standards of governance, transparency, and regulatory compliance. Albemarle, a global specialty chemicals supplier, settled the case in 2023 by paying a $198 million fine to US authorities. The SEC report detailed that Albemarle engaged an Indian agent despite internal warnings of potential violations of the Foreign Corrupt Practices Act (FCPA). The agent allegedly bribed senior IOC officials to avoid sanctions and secure contracts. IOC, which operates 10 out of India’s 22 refineries with a combined capacity of 80.8 million tonnes annually, reassured stakeholders of its law-abiding practices. The company controls 40% of India’s fuel market. The SEC order revealed that the Indian agent received a commission three times higher than Albemarle’s standard rates, facilitating corrupt payments to IOC officials and private customers. The arrangement enabled Albemarle to retain sensitive information and secure contracts in India, Indonesia, and Vietnam, resulting in corrupt dealings worth over $63.5 million globally. IOC’s internal review aims to reinforce its commitment to ethical practices while shedding light on these long-standing allegations.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?