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.
2023-09-29T15:11:00Z By Kyle Brasseur
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.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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