Tuesday, July 22, 2014   

Tainted Norway fertilizer producer admits greasing the palms of Libyan and Indian officials
(01-15 19:43)

Norway's Yara, the world's biggest mineral fertilizer producer, said it had been hit with a hefty fine by Norwegian authorities following an international corruption investigation.
Yara said it would not contest the 295-million-kroner (35.4-million-euro) fine.
“The company acknowledges guilt and accepts a corporate fine,'' Yara said in a statement.
When it emerged that suspect payments had been made to a Libyan oil minister in the Kadhafi regime – according to police – just ahead of creating a joint venture in the country, Yara opened an external investigation of its international operations in 2011.
The investigation revealed other “unacceptable payments'' in Switzerland and India, and led Norwegian police to press charges against the company for ''aggravated corruption.''
“The affair is about bribes to senior government officials in Libya and India, and to a supplier in Russia [via a Swiss subsidiary],'' the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime confirmed Wednesday.
“In total, the bribes amount to around US$12 million between 2004 and 2009.’’—AFP
   
Other Business breaking news:
Hang Seng hits high since December (2 hrs 50 mins ago)
European markets open higher (07-22 15:33)
Credit Suisse posts heavy loss after fine (07-22 15:07)
Nikkei closes higher on weaker yen (07-22 14:09)
Hang Seng jumps by break (07-22 12:30)
Nikkei up by break (07-22 10:59)
Taiwan exports surge on higher mobile demand (07-21 17:46)
HK inflation eases in June (07-21 17:36)
China, Switzerland sign currency swap deal (07-21 17:27)
Hang Seng, Shanghai end lower (07-21 16:38)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.