Indian Oil Corporation (IOC) has launched an internal investigation into allegations that Albemarle Corporation, a US-based specialty chemicals company, bribed IOC officials between 2009 and 2011. The investigation stems from claims that Albemarle paid $1.14 million in commissions to an intermediary in India, which allegedly resulted in $11.14 million in profits for the company from IOC contracts. This inquiry follows a September 28, 2023, order from the U.S. Securities and Exchange Commission (SEC), which revealed that Albemarle was implicated in bribery and had paid over $198 million to resolve the case. IOC has clarified that it is not a party to the SEC proceedings but is conducting its own review to address the serious allegations. [dcbe285a]
The allegations suggest that Albemarle bribed decision-makers at IOC to secure catalyst orders and gain access to sensitive information. An intermediary hired by Albemarle claimed to have connections with former senior IOC officials, raising concerns about the integrity of the procurement process. The SEC's findings indicated that Albemarle's corrupt practices led to over $63.5 million in bribes across various countries, highlighting the need for transparency and governance in corporate dealings. [dcbe285a]
In light of these developments, IOC's investigation is expected to scrutinize the past dealings with Albemarle and assess the impact of these allegations on its operations and reputation. The outcome of this internal review may influence IOC's future interactions with international firms and its commitment to ethical business practices. [dcbe285a]