A former business director of Innospec, the world’s only manufacturer of tetraethyl lead (TEL) used to boost octane in avgas, and a third-party agent for the company were charged with bribery by the Securities and Exchange Commission on August 5. The SEC alleges that “David P. Turner was among senior Innospec officials who directed and approved more than $9.2 million in bribery payments either paid or promised to officials in Iraq or Indonesia. Bribes to Iraqi officials were arranged by Innospec’s agent in Iraq, Ousama M. Naaman, whose commission payments included kickbacks to the Iraqi government in return for the Oil-for-Food contracts.” Turner and Naaman have agreed to settle the SEC’s charges, and according to an Innospec spokesperson, “We have taken full responsibility for the company’s past actions and are happy that a line can now be drawn through this deeply regrettable chapter of our history. Our new management team has learned from these experiences and has implemented more enhanced and robust compliance procedures to ensure that nothing like this will ever happen again.” While Innospec continues to manufacture TEL, the company is helping TEL-using countries transition to lead-free fuels and assisting with remediation of lead alkyls blending plants that are no longer needed.
Former Tetraethyl Lead Exec Settles Bribery Case
- August 19, 2010, 1:05 PM