Public sector Indian Oil Corporation (IOC) has started investigating an American specialty chemicals company over allegations of bribing its officials 15 years ago. The company told the stock market that according to the allegations, the American firm paid bribe to get the contract for the supply of catalyst.
According to a US Securities and Exchange Commission (SEC) order dated September 28, 2023, Albemarle Corporation, a global specialty chemicals supplier that makes catalysts used in the operation of oil refineries, allegedly transferred funds to an Indian intermediary company related to the business of IOC. Gave commission of approximately 11.4 lakh US dollars. According to the order, the company made profits of about $11.1 million from that business between 2009 and 2011.
Albemarle was arrested by US authorities in 2017 on bribery charges. To avoid litigation, the company settled the case in 2023 by paying a fine of more than $198 million. IOC told the stock exchange that it is not a party in this matter nor is there any allegation against it in the US SEC proceedings against the company.
The company said it has launched an internal fact-finding review into the incident to better understand the facts surrounding the allegations.
Indian Oil Corporation Limited (IOCL), commonly known as Indian Oil, is one of the largest state-owned oil and gas companies in India. This company is engaged in the field of supply, refining, distribution and marketing of petroleum products in India. Indian Oil plays an important role in meeting the energy requirements of India. It not only works to increase self-reliance in the energy sector of the country, but also promotes environment-friendly fuels and technologies.
