Indian Oil Probes Allegations of Albemarle Bribes to State Firm’s Officials

Indian Oil Corporation (IOC), a state-owned oil giant, has launched an internal investigation over alleged bribes paid by Albemarle to IOC officials to secure contracts more than a decade ago, Indian media report. Responding to news articles from last week, IOC said in a statement filed with the local stock exchange that “the Company is neither a party to nor these is any allegation against the Company in relation to the proceedings referred in the said news articles”. The statement goes on to say that “However, the Company has…