US DOJ Charges Innospec In Bribery Case, Settlement Expected

Date : 03/18/2010 @ 1:24PM
Source : Dow Jones News
Stock : Innospec Inc. (MM) (IOSP)
Quote : 66.4  0.35 (0.53%) @ 2:23PM

US DOJ Charges Innospec In Bribery Case, Settlement Expected

Innospec Inc. (MM) (NASDAQ:IOSP)
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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; brent.kendall@dowjones.com

 
 



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