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

23 Dec 2024 CW Team

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.

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