Former Yara execs get jail time – Alert
Four former Yara International ASA executives were convicted in an Oslo court here July 8 of paying bribes in Libya and India, according to the Norwegian press, which reported that former CEO Thorleif Enger was sentenced to three years, former Legal Director Ken Wallace to two and one-half years and former Executive Vice President Daniel Clauw and Tor Holba to two years each.
Enger has already appealed.
Yara itself was not part of the trial. In 2014, Yara notified the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) that Yara acknowledged guilt and accepted a corporate fine and confiscation totaling NOK 295 million, reportedly Norway’s largest-ever corporate fine.
The fine of NOK 270 million stemmed from historical irregularities linked to the establishment of Libyan Norwegian Fertilizer Co. (Lifeco), an unrealized project in India, and Yara’s activities in Switzerland. In addition, Økokrim imposed a confiscation of NOK 25 million related to a matter related to earlier phosphate deliveries. The combined penalty was equivalent to about US$48 million.