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

Yara “offers mineral fertilisers to markets in India,” according to its website.

The probe agency said the way bribes were hidden made the investigation difficult.

According to the company, the fine of NOK 270 million is related to historical irregularities linked to the establishment of Lifeco (Libya), an unrealised project in India and Yara's activities in Switzerland.

“In addition Økokrim (the investigation agency) has imposed a confiscation of NOK 25 million related to earlier phosphate deliveries,” it added.

“This is a serious case. Both the company's external investigation and the Økokrim investigation has uncovered unacceptable and disappointing behaviour,” Yara's President and CEO Jørgen Ole Haslestad said.

Yara, which began its own probe in April 2011, published its findings in June 2012.