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Innospec Agent Pleads Guilty To Oil-For-Food Bribes

DOW JONES NEWSWIRES An Innospec Inc. (IOSP) agent who worked for the chemical company in Iraq on U.N. Oil-for-Food Program contracts pleaded guilty to charges related a fraud and bribery scheme. Ousama M. Naaman, a Canadian/Lebanese dual national who lives in Abu Dhabi, pleaded guilty to a count of violating the Foreign Corrupt Practices Act and another count of conspiracy to commit wire fraud and falsify records. He faces up to 10 years in prison. Innospec itself pleaded guilty to bribing Iraqi officials and violating the U.S. embargo on Cuba in March as part of a $40.2 million global settlement. Friday, the Justice Department said Naaman paid kickbacks to Iraqi government between 2001 and 2003 to win oil-for-food program contracts by negotiation a 10% increase in the price to cover the kickbacks. Naaman also admitted that from 2004 to 2008, he paid or promised to pay more than $3 million in bribes to officials in Iraq's oil ministry and the Trade Bank of Iraq. The bribes secured sales of tetraethyl lead, a fuel additive, and more favorable exchange rates. He gave Innospec false invoices, which were incorporated into the company's books. Innospec shares traded up 1.5% recently at $10.51. The stock is virtually flat with its year-earlier level, underperforming the broader market. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;

Stock News for Innospec Inc. (IOSP)
11/25/201508:42:27Statement of Changes in Beneficial Ownership (4)
11/19/201509:40:35Statement of Changes in Beneficial Ownership (4)
11/17/201510:20:49Statement of Changes in Beneficial Ownership (4)
11/13/201514:34:38Current Report Filing (8-k)
11/12/201506:22:10Statement of Changes in Beneficial Ownership (4)
11/10/201511:27:35Current Report Filing (8-k)
11/09/201510:31:40Current Report Filing (8-k)
11/09/201509:30:00Innospec Closes $200 Million Credit Facility
11/09/201507:07:29Statement of Changes in Beneficial Ownership (4)
11/04/201511:55:35Quarterly Report (10-q)
11/04/201506:26:26Current Report Filing (8-k)
11/03/201516:30:00Innospec Reports Third Quarter 2015 Financial Results
10/16/201511:57:04Amended Current Report Filing (8-k/a)
10/16/201511:08:18Current Report Filing (8-k)
10/13/201512:14:58Amended Statement of Ownership (sc 13g/a)
10/13/201510:30:00Innospec Schedules Third Quarter 2015 Earnings Release and Conference...
09/11/201517:03:20Current Report Filing (8-k)
08/20/201518:38:00Innospec Set to Join the S&P SmallCap 600
08/12/201511:31:10Amended Statement of Changes in Beneficial Ownership (4/a)
08/12/201506:39:31Statement of Changes in Beneficial Ownership (4)

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