Innospec Inc. (MM) (NASDAQ:IOSP)
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5 Years : From Jul 2012 to Jul 2017
The U.S. Department of Justice on Thursday charged chemicals company Innospec Inc. (IOSP) with bribing Iraqi officials to win and retain business under the United Nations' Oil-for-Food Program.
Prosecutors filed papers in a Washington federal court charging the company with bribery and conspiracy under the Foreign Corrupt Practices Act. They allege Innospec and its subsidiaries were involved in a conspiracy to bribe Iraqi officials from 2001 to 2008.
The department is expected to announce a settlement in the case later Thursday, according to someone familiar with the situation.
Innospec has previously disclosed the bribery investigation. It said in a February filing with the Securities and Exchange Commission that it expected to settle bribery investigations in the United States and United Kingdom for a sum in the range of $28.8 million to $40.2 million.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222; email@example.com