Albemarle reserves $219M for FCPA settlements
By 
Kyle Brasseur2023-08-04T13:42:00
Chemical company Albemarle Corp. disclosed it is set to pay $218.5 million as part of proposed settlements reached with the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) regarding apparent violations of the Foreign Corrupt Practices Act (FCPA).
The settlements agreed to in principle would consist of fines, disgorgement, and prejudgment interest, Albemarle said in a quarterly filing Wednesday. The company would enter into a nonprosecution agreement with the DOJ and an administrative resolution with the SEC, neither of which would include the imposition of a compliance monitor.
Albemarle would also agree to certain ongoing compliance reporting obligations, the company disclosed.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefAlbemarle to pay $218M in FCPA settlements with DOJ, SEC
Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
-
PremiumSurvey: Tech gaps, third parties pose biggest ABAC threats
A recent survey conducted by Compliance Week and Morgan Lewis determined areas of insufficient resource support to combat bribery and corruption, along with trends in third-party due diligence.
-
News BriefSEC orders 3M to pay $6.6M over FCPA violations in China
The Securities and Exchange Commission ordered 3M to pay nearly $6.6 million for alleged violations of the Foreign Corrupt Practices Act regarding hidden travel perks its foreign subsidiary made to government officials in China.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.