SEC, DOJ and Albemarle are negotiating a settlement regarding FCPA violations

With regards to potential violations of the Foreign Corrupt Practices Act (FCPA), chemical company Albemarle Corp. has begun settlement negotiations with the Securities and Exchange Commission (SEC) and Department of Justice (DOJ).

The North Carolina-based business said 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" in a quarterly securities filing on Wednesday. Albemarle also stated that it was assisting each agency in its investigation.

The business claimed it began an internal investigation into possible FCPA violations in 2018 under the direction of outside counsel and with the aid of forensic accountants. The company looked into possible violations of other applicable laws as well as its own code of conduct.

"Appropriate remedial measures" have been put in place, according to Albemarle, and they will remain in place.

The business omitted to provide a projection of potential fines or other penalties.

The company stated in the filing that it was "at this time, we are unable to predict the duration, scope, result, or related costs associated with the investigations."

Albemarle first revealed resolution discussions in a quarterly filing with the SEC the previous year.

By fLEXI tEAM