Yara fined for 'extraordinary corruption'
The Local - [email protected] •
15 Jan, 2014
Updated Wed 15 Jan 2014 09:41 CEST
Norwegian fertiliser giant Yara International has been fined 295 million kroner ($50m) for bribing high-ranking government officials in Libya and India after an investigation by Norway's economic crime agency Økokrim.
"It is an extraordinarily serious case of corruption," Økokrim said in a statement. "The company bribed the oil minister in Gaddafi's government in Libya, and a senior government official in India. The use of bribes was not a one-time event, but was used in three different countries and for contracts running over many years." Bernt Reitan, Yara's chairman, said that the company's own investigations backed up the bribery charge. "When we adopt the fine and acknowledge guilt it is because Økokrim findings are consistent with the results of our own investigation. The punishment is hard, but we accept it," he said. According to the agency, the bribes took place between 2004-2009 and also included bribes of a supplier in Russia. Yara, has more than 8,000 employees and annual revenues of approximately NOK 84 billion last year. The Norwegian state holds 36.2 percent of the shares.
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"It is an extraordinarily serious case of corruption," Økokrim said in a statement. "The company bribed the oil minister in Gaddafi's government in Libya, and a senior government official in India. The use of bribes was not a one-time event, but was used in three different countries and for contracts running over many years."
Bernt Reitan, Yara's chairman, said that the company's own investigations backed up the bribery charge.
"When we adopt the fine and acknowledge guilt it is because Økokrim findings are consistent with the results of our own investigation. The punishment is hard, but we accept it," he said.
According to the agency, the bribes took place between 2004-2009 and also included bribes of a supplier in Russia.
Yara, has more than 8,000 employees and annual revenues of approximately NOK 84 billion last year. The Norwegian state holds 36.2 percent of the shares.
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