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LyondellBasell Self-Discloses FCPA Issue

LyondellBasell, the chemical company that filed for bankruptcy last year, disclosed in a March 30 court filing that it was in touch with the Justice Department regarding possible violations of the Foreign Corrupt Practices Act, which criminalizes bribery.

BusinessWeek reported Wednesday that the disclosure was triggered following a review of international holdings after the bankruptcy drew attention to potential incidences of bribery in Kazakhstan, where the company delayed and this year canceled plans for a chemical plant. The company is conducting an internal investigation into the matter, but both LyondellBasell and the DOJ declined comment on whether a government investigation is underway.

The company, based in Rotterdam, plans to emerge from bankruptcy this year.

For more, click here: http://www.reuters.com/article/idUSN0713754420100407?type=marketsNews

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Melissa Maleske

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