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Yara fined USD 48 million for bribing in India, 2 other nations

Oslo: Norway has imposed a hefty fine of about USD 48 million on mineral fertilizer producer Yara for bribing a senior Indian government official and entities in Libya and Russia.Yara International ASA, where Norwegian government
PTI January 15, 2014 23:16 IST
PTI
Oslo: Norway has imposed a hefty fine of about USD 48 million on mineral fertilizer producer Yara for bribing a senior Indian government official and entities in Libya and Russia.

Yara International ASA, where Norwegian government holds about 36 per cent stake, today acknowledged the “guilt” and accepted the penalty but said it is “severe”.

Terming the case as serious corruption, the the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime in a statement said the company indulged in bribery with senior government officials in India and Libya besides suppliers in Russia.

In June 2012, Yara had said that an “unacceptable payment of USD 1 million in 2007 to a consultant in India is documented, related to negotiations with Krishak Bharati Cooperative Limited (Kribhco).”

When contacted, a senior Kribhco official declined to comment.