Albemarle’s Bribery Resolution Tests DOJ’s Disclosure Policy (1)

Chemical manufacturer Albemarle Corp. will pay $218 million over illegal bribes that secured business in three Asian countries, a settlement showing the Justice Department’s updated self-reporting policies in action.

The Charlotte-based publicly traded company triggered the department’s Foreign Corrupt Practices Act investigation by voluntarily disclosing the misconduct. This culminated in a three-year non-prosecution agreement announced Friday in which Albemarle admitted to paying bribes to foreign government officials to obtain chemical catalyst business at state-owned oil refineries in Vietnam, Indonesia, and India.

The $98 million criminal penalty reflected a 45% discount off the bottom of the sentencing guidelines fine range, plus ...