- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-08-05T15:34:00
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.
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Chemical company Albemarle Corp. disclosed it is set to pay $218.5 million as part of proposed settlements reached with the Department of Justice and Securities and Exchange Commission regarding apparent violations of the Foreign Corrupt Practices Act.
The most notable and relevant details in settlement agreements concerning regulatory compliance violations are often what is not stated. The SEC’s cease-and-desist order against Oracle over violations of the Foreign Corrupt Practices Act is no exception.
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