- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-29T15:11:00
Chemical company Albemarle Corp. was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) announced Friday addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
The settlement total, which closely matches the reserve disclosed by Albemarle in August, includes a $98.2 million criminal fine and forfeiture of $98.5 million ordered by the DOJ. The company agreed to disgorge more than $81.8 million and pay prejudgment interest of more than $21.7 million in settling with the SEC. The DOJ agreed to credit $81.9 million of the forfeiture against the disgorgement total for the final value of about $218.3 million.
The DOJ noted in its press release a penalty reduction of $763,453 for bonuses Albemarle withheld from qualifying employees under the agency’s new compensation clawback pilot program launched earlier this year.
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