Oslo — An external investigation initiated by Yara International ASA on April 8, 2011 (GM April 18, 2011), has uncovered unacceptable payments from the company’s joint venture in Switzerland, Yara reported on March 23. Yara said the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has been notified of the new findings. “We will get to the bottom of this,” said Jørgen Ole Haslestad, Yara president and CEO. “Such breaches of Yara standards are unacceptable, but I am satisfied that Yara initiated the external investigation, enabling us to uncover these new incidents. At the same time, I am naturally both upset and disappointed that we have made additional findings.” In parallel with the launch of the corruption investigation last year, Økokrim was informed that possible offenses could have taken place prior to October 2008 in connection with the establishment and follow-up of Yara’s ownership in Libyan Norwegian Fertilizer Company (Lifeco). The investigation is still ongoing and was extended in May 2011 to cover other projects, including India. Jan Fougner, a partner in the law firm Wiersholm, is heading the investigation, and Yara’s board of directors is following up through a separate committee. Yara said it is cooperating closely with Økokrim throughout the investigation to bring forward all relevant information. The new findings are based on documents made available by Økokrim. Further investigations are now taking place to clarify how such payments have been carried out and authorized, Yara said. The main findings will be published when the investigation report is finalized.
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