Yara Ex-CEO Indicted for Libya Corruption

Bloomberg reports that Four members of Yara International’s former management team have been indicted for gross corruption in Libya and India.

The fertilizer maker’s former CEO Thorleif Enger was charged alongside ex-upstream head Tor Holba, former Chief Operating Officer Daniel Clauw and ex-Chief Legal Officer Kendrick Wallace, Norway’s the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM) said in a statement. The cases concern bribery of a minister in Libya and a high-ranking public official in India.

Yara accepted a fine and confiscation of 295 million kroner ($48 million) in relation to the case.

“Yara underlines that all persons involved in the case are considered innocent until proven by a court to be otherwise,” the company said, adding that charges against former CFO and current head of mining Hallgeir Storvik were dropped.

Yara is the world’s largest publicly-traded nitrogen fertilizer maker.

(Source: Bloomberg)

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