Yara Executives Step Down After Corruption Investigation
May 21 2012 - 3:16AM
Dow Jones News
Two executives at Norwegian fertilizer company Yara
International ASA (YAR.OS) stepped down Monday, after having been
detained for questioning in connection with a corruption
investigation.
Chief Financial Officer Hallgeir Storvik and Tor Holba, who
heads the company's upstream unit, stepped down from their
positions at their own request but will remain employed by the
company, Yara said in a statement.
Storvik and Holba were detained by Norwegian police on Friday
for questioning in connection with an economic crimes investigation
that started in 2011.
Torgeir Kvidal, currently head of Yara's supply and trade unit,
will take over as CFO, while Jan Duerloo, head of the projects and
technology unit, has been appointed acting head of the upstream
unit.
Friday's investigation is the third case of possible corruption
involving Yara in the past year. In April last year, the company
became aware of possible offenses related to its ownership in
Libyan Norwegian Fertilizer Co., known as Lifeco.
Shares in Yara closed Friday at NOK233.70.
-By Sven Grundberg, Dow Jones Newswires; +46-8-5451-3098;
sven.grundberg@dowjones.com; Twitter: @svengrundberg
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