Indian Oil probes allegations of US firm bribing its officers

According to USSEC order, an Albemarle consultant and sales agent paid bribes to unnamed decision-makers at IOC between 2009 and 2011 and to a private sector customer between 2009 and 2017

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NEW DELHI: State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US specialty chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company's regulatory filing.

Albemarle Corporation, a global specialty chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly "paid approximately $1.14 million in commission to India intermediary company relating to Indian Oil Corporation business and obtained approximately $11.14 million in profits on that business between approximately 2009 and 2011," according to a US SEC order dated September 28, 2023.

Albemarle was caught for bribery by the US authorities in 2017 and then settled the case in September 2023 by paying a hefty fine of more than $198 million to avoid prosecution.