From Ignoring Red Flags To Paying Millions: Chemicals Company Albemarle Settles Bribery Probe
Portfolio Pulse from Shivani Kumaresan
Albemarle Corporation (NYSE:ALB), a global specialty chemicals company, has agreed to pay over $103.6 million to settle charges by the U.S. Securities and Exchange Commission (SEC) for violating anti-bribery regulations. The company has also committed to ensuring no future breaches of these provisions. In a parallel development, the U.S. Department of Justice (DOJ) disclosed a non-prosecution agreement with Albemarle, which includes a criminal fine of $99 million and forfeiture of close to $98 million.
September 29, 2023 | 1:45 pm
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Albemarle Corporation has settled anti-bribery charges with the SEC for over $103.6 million and has entered a non-prosecution agreement with the DOJ. This could impact the company's financials and reputation.
The settlement of the anti-bribery charges and the non-prosecution agreement with the DOJ could have a negative impact on Albemarle's financials due to the hefty fines. Additionally, this could also tarnish the company's reputation, potentially affecting its business relationships and stock price.
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