Specialty Chemical Company Agrees to Pay $40.2 Million for FCPA, OFAC, and UK Violations
Date: 03/22/10
On March 18, 2010, Innospec, Inc. ("Innospec"), a specialty chemical company incorporated in Delaware with principal offices in the United States and the United Kingdom, was charged by the Securities and Exchange Commission ("SEC"), the Department of Justice ("DOJ"), the Department of Treasury's Office of Foreign Assets Control ("OFAC") and the United Kingdom's Serious Fraud Office ("SFO") with numerous violations of law and agreed to pay a total of $40.2 million in fines and penalties for such violations. The SEC civil complaint charges Innospec with violations of the Foreign Corrupt Practices Act ("FCPA"); the DOJ criminal information charges Innospec with defrauding the United Nations ("UN") in connection with UN Oil-for-Food Program ("Program") and violating the FCPA; and OFAC announced that Innospec agreed to pay $2.2 million in settlement of allegations of violations of the regulations implementing the U.S. embargo of Cuba. Separately, Innospec pleaded guilty and agreed to pay a $12.7 million fine in connection with the United Kingdom's SFO criminal case alleging corrupt payments to secure contracts in Indonesia.
Specialty Chemical Company Agrees to Pay $40 2 Million for FCPA OFAC and UK Violations.pdf (pdf | 27.39 KB )