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Innospec Allots $40.2 Million to Settle Bribery Charges

2:07 PM MST | February 19, 2010 | Nancy Seewald

Innospec says it has set aside a total of $40.2 million to settle fines related to ongoing probes by U.S. and British authorities into whether the company violated federal securities laws under the United Nations oil-for-food program. Innospec says it expects the total settlement amount to be $18.3 million-$63.4 million, based on its discussions with government authorities. Meanwhile, Innospec reported a net loss of $300,000 in the fourth-quarter 2009, which includes a $21.9-million accrual for the oil-for-food settlement. Innospec posted earnings of $5 million...

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