Innospec executives pay $1.35M to settle foreign corruption charges in UN Oil-for-Food scandal

Innospec execs settle with SEC on bribery charges

WASHINGTON — Federal securities regulators are settling civil charges against two executives charged with bribing Iraqi officials for contracts to supply an oil processing chemical made by their company.

The Securities and Exchange Commission says David Turner and Ousama Naaman will pay $1.35 million. It says they funneled $9.2 million to Iraqi and Indonesian officials to win about $176 million in contracts for Innospec Inc.

The bribes started in 2001, when Iraq was under the United Nation’s Oil-for-Food regime and continued until at least 2008.

Turner was Innospec’s business director. The SEC says he is cooperating with the investigation.

Naaman pleaded guilty in June to related criminal charges. Turner and Namaan neither admitted nor denied the allegations.