Albemarle in settlement talks with SEC, DOJ over FCPA violations
Chemical company Albemarle Corp. has entered settlement talks with the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) regarding potential violations of the Foreign Corrupt Practices Act (FCPA).
In a quarterly securities filing Wednesday, the North Carolina-based company disclosed it “voluntarily self-reported potential issues relating to the use of third-party sales representatives in our Refining Solutions business, within our Catalysts segment, to the U.S. Department of Justice, the SEC, and the Dutch Public Prosecutor.” Albemarle added it was cooperating with each of the agencies in their respective probes.
The company stated it launched an internal investigation into the potential FCPA violations in 2018, led by outside counsel and using forensic accountants. The company’s probe also examined whether there had been violations of its code of conduct, as well as other applicable laws.