Daily Management Review

SEC slaps $218 mln fine on lithium producer Albemarle


The largest producer of lithium in the world, Albemarle, and the U.S. Securities and Exchange Commission (SEC) have come to an agreement to resolve claims that the company bought favors from authorities in Southeast Asian nations.

Albemarle will compensate the agreement's provisions with a $218 million fine.

The corporation allegedly violated the Foreign Corrupt Practices Act (FCPA), according to the SEC. The business admitted that between 2009 and 2017 sales representatives working as middlemen paid bribes to officials in Vietnam, India, and Indonesia to get orders from state-owned businesses. Albemarle as a result realized a $98.5 million profit.

The business claimed that it has subsequently enhanced its risk management procedures and assisted with the inquiry.

Albemarle's capitalization has decreased by 21.6% to $20 billion since the start of 2023, while the S&P 500 index has increased by 11.7%.

source: cnbc.com