Albemarle Corp. to Pay SEC More Than $103 Million to Settle FCPA Violations
Albemarle Corporation is accused of violating the Foreign Corrupt Practices Act (FCPA) by using agents to pay bribes to obtain sales of refinery catalysts to oil refineries in several countries
Albemarle Corporation is accused of violating the Foreign Corrupt Practices Act (FCPA) by using agents to pay bribes to obtain sales of refinery catalysts to oil refineries in several countries. The alleged fraud involved bribery, recordkeeping, and internal accounting controls violations from at least 2009 to 2017. Albemarle agreed to pay $103.6 million to settle SEC charges, including $81.8 million in disgorgement and $21.7 million in prejudgment interest. In a parallel action, Albemarle also agreed to pay a $99 million criminal fine and $98 million in forfeiture to the US Department of Justice.
Albemarle Corporation is accused of violating the Foreign Corrupt Practices Act (FCPA) by using agents to pay bribes to obtain sales of refinery catalysts to oil refineries in several countries. The alleged fraud involved bribery, recordkeeping, and internal accounting controls violations from at least 2009 to 2017. Albemarle agreed to pay $103.6 million to settle SEC charges, including $81.8 million in disgorgement and $21.7 million in prejudgment interest. In a parallel action, Albemarle also agreed to pay a $99 million criminal fine and $98 million in forfeiture to the US Department of Justice. Albemarle Corporation, a Charlotte-based specialty chemicals company, agreed to pay over $103.6 million to settle SEC charges for violating the Foreign Corrupt Practices Act (FCPA) by using third-party agents to pay bribes to secure sales of refinery catalysts in Vietnam, India, and Indonesia between 2009 and 2017. The SEC found that Albemarle failed to maintain adequate internal controls and accurate books and records despite numerous red flags indicating illicit payments to agents across five countries. In a parallel action, the U.S. Department of Justice imposed a $99 million criminal fine and $98 million forfeiture, with $81.8 million of the forfeiture offset by Albemarle’s SEC disgorgement payment. Albemarle consented to a cease-and-desist order and admitted to violating the FCPA’s anti-bribery, recordkeeping, and internal controls provisions. The investigation involved multiple international agencies, including the DOJ, IRS-CI, and financial regulators from the Netherlands, Australia, India, and Indonesia. Albemarle Corporation, a Charlotte-based specialty chemicals company, agreed to pay over $103.6 million to settle SEC charges for violating the Foreign Corrupt Practices Act (FCPA) by using third-party agents to pay bribes to secure sales of refinery catalysts in Vietnam, India, and Indonesia between 2009 and 2017. The SEC found that Albemarle failed to maintain adequate internal controls and falsified records despite repeated red flags, enabling widespread bribery targeting both state-owned and private oil refineries. In addition to the SEC’s settlement—comprising $81.8 million in disgorgement and $21.7 million in prejudgment interest—Albemarle entered a parallel non-prosecution agreement with the U.S. Department of Justice, paying a $99 million criminal fine and $98 million forfeiture, with $81.8 million offset by the SEC payment. Albemarle consented to a cease-and-desist order and admitted to violations of the FCPA’s anti-bribery, recordkeeping, and internal controls provisions. The investigation involved multiple international agencies, including the DOJ, IRS-CI, and financial regulators from the Netherlands, Australia, India, and Indonesia.
Exhibits & Attached Documents (1)
Extracted insights
- $103.60M $103.6 million $100M–$1B
- $99.00M $99 million $10M–$100M
- $98.00M $98 million $10M–$100M
- $81.80M $81.8 million $10M–$100M
- $21.70M $21.7 million $10M–$100M
- company albemarle corporation
- person charles cain
- agency Department of Justice
- agency Securities and Exchange Commission
- agency the sec’s investigation
- Securities and Exchange Commission Announce Charlotte-based Albemarle Corporation agreed to pay more than $103.6 million to settle the SEC’s charges
- Albemarle Corporation Use Agents from at least 2009 through 2017 that paid bribes to obtain sales of refinery catalysts to public-sector oil refineries in Vietnam, India, and Indonesia and to private-sector oil refineries in India
- Albemarle Corporation Violate The FCPA’s recordkeeping requirements and failed to devise and maintain a sufficient system of internal accounting controls
- Charles Cain Say Despite repeated and glaring bribery-related red flags, Albemarle failed for many years to implement sufficient internal accounting controls relevant to the use of agents by its global refining solutions business to make sales to state-owned customers around the world
- Albemarle Corporation Consent To the SEC’s Order finding that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Securities Exchange Act of 1934
- Albemarle Corporation Agree To cease and desist from committing or causing any future violations of these provisions and to pay disgorgement of more than $81.8 million plus prejudgment interest of more than $21.7 million, totaling more than $103.6 million
- U.S. Department of Justice Announce It has entered into a non-prosecution agreement in which Albemarle agreed to pay a $99 million criminal fine and to a forfeiture of approximately $98 million
- The SEC’s investigation Conduct By Christine Neal, M. Shahriar Masud, and Brittany Prelogar of the SEC’s FCPA Unit, with assistance from Fernando Campoamor
- The SEC Appreciate The assistance of the U.S. Department of Justice Criminal Division’s Fraud Section, the IRS-Criminal Investigation, the Anti Corruption Centre of the Dutch Fiscal Intelligence and Investigations Service, the Netherlands Public Prosecution Service for Serious Fraud and Environmental Crime, the Australian Securities and Investments Commission, the Securities and Exchange Board of India, and the Indonesia Financial Services Authority
The Securities and Exchange Commission today announced that Charlotte-based Albemarle Corporation, a global specialty chemicals company, agreed to pay more than $103.6 million to settle the SEC’s charges that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s Order, despite significant red flags, Albemarle used agents from at least 2009 through 2017 that paid bribes to obtain sales of refinery catalysts to public-sector oil refineries in Vietnam, India, and Indonesia and to private-sector oil refineries in India. In addition, the Order finds that Albemarle violated the FCPA’s recordkeeping requirements and failed to devise and maintain a sufficient system of internal accounting controls to provide reasonable assurances that payments made to agents in Vietnam, Indonesia, India, China, and the United Arab Emirates were for legitimate services. “Despite repeated and glaring bribery-related red flags, Albemarle failed for many years to implement sufficient internal accounting controls relevant to the use of agents by its global refining solutions business to make sales to state-owned customers around the world,” said Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit. “This failure set the stage for wide-ranging misconduct.” Albemarle consented to the SEC’s Order finding that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Securities Exchange Act of 1934. Albemarle has agreed to cease and desist from committing or causing any future violations of these provisions and to pay disgorgement of more than $81.8 million plus prejudgment interest of more than $21.7 million, totaling more than $103.6 million. In a parallel action, the U.S. Department of Justice announced today it has entered into a non-prosecution agreement in which Albemarle agreed to pay a $99 million criminal fine and to a forfeiture of approximately $98 million, of which $81.8 million will be satisfied by the company’s payment of disgorgement pursuant to the SEC Order. The SEC’s investigation was conducted by Christine Neal, M. Shahriar Masud, and Brittany Prelogar of the SEC’s FCPA Unit, with assistance from Fernando Campoamor. The SEC appreciates the assistance of the U.S. Department of Justice Criminal Division’s Fraud Section, the IRS-Criminal Investigation, the Anti Corruption Centre of the Dutch Fiscal Intelligence and Investigations Service, the Netherlands Public Prosecution Service for Serious Fraud and Environmental Crime, the Australian Securities and Investments Commission, the Securities and Exchange Board of India, and the Indonesia Financial Services Authority.
The Securities and Exchange Commission today announced that Charlotte-based Albemarle Corporation, a global specialty chemicals company, agreed to pay more than $103.6 million to settle the SEC’s charges that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s Order, despite significant red flags, Albemarle used agents from at least 2009 through 2017 that paid bribes to obtain sales of refinery catalysts to public-sector oil refineries in Vietnam, India, and Indonesia and to private-sector oil refineries in India. In addition, the Order finds that Albemarle violated the FCPA’s recordkeeping requirements and failed to devise and maintain a sufficient system of internal accounting controls to provide reasonable assurances that payments made to agents in Vietnam, Indonesia, India, China, and the United Arab Emirates were for legitimate services. “Despite repeated and glaring bribery-related red flags, Albemarle failed for many years to implement sufficient internal accounting controls relevant to the use of agents by its global refining solutions business to make sales to state-owned customers around the world,” said Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit. “This failure set the stage for wide-ranging misconduct.” Albemarle consented to the SEC’s Order finding that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Securities Exchange Act of 1934. Albemarle has agreed to cease and desist from committing or causing any future violations of these provisions and to pay disgorgement of more than $81.8 million plus prejudgment interest of more than $21.7 million, totaling more than $103.6 million. In a parallel action, the U.S. Department of Justice announced today it has entered into a non-prosecution agreement in which Albemarle agreed to pay a $99 million criminal fine and to a forfeiture of approximately $98 million, of which $81.8 million will be satisfied by the company’s payment of disgorgement pursuant to the SEC Order. The SEC’s investigation was conducted by Christine Neal, M. Shahriar Masud, and Brittany Prelogar of the SEC’s FCPA Unit, with assistance from Fernando Campoamor. The SEC appreciates the assistance of the U.S. Department of Justice Criminal Division’s Fraud Section, the IRS-Criminal Investigation, the Anti Corruption Centre of the Dutch Fiscal Intelligence and Investigations Service, the Netherlands Public Prosecution Service for Serious Fraud and Environmental Crime, the Australian Securities and Investments Commission, the Securities and Exchange Board of India, and the Indonesia Financial Services Authority.