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SEC Settles Iraq, Indonesia Bribery Case With Ex-Innospec Chief

January 25, 2011
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Bloomberg reports that the former chief executive officer of Innospec Inc., Paul W. Jennings, agreed to settle foreign bribery allegations brought by the U.S. Securities and Exchange Commission. Jennings agreed to pay about $229,000 in penalties to resolve claims that he bribed Iraqi and Indonesian officials to win contracts for the company’s specialty chemicals, the SEC said in a statement. The agency filed a civil complaint against Jennings in federal court in Washington. The SEC claimed that Jennings actively participated in bribery schemes in Iraq and Indonesia since 2004. The agency said that from 2000 to 2008 Innospec Inc. paid more than $6 million in bribes in exchange for about $177 million in revenue, which generated $60 million in profit. In March, Innospec, pleaded guilty in the U.K. and to federal criminal and civil charges in Washington in connection with foreign bribery. The settlement terms included combined fines of $40 million.

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