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.
Albemarle said it has implemented and will continue to implement “appropriate remedial measures.”
The company did not produce an estimate of what fines or other punishments might be coming.
“At this time, we are unable to predict the duration, scope, result, or related costs associated with the investigations,” the company said in the filing.
Albemarle first disclosed resolution talks with just the SEC in a quarterly filing last year.