Two members of Yara management charged in payment investigation

18 May 2012 14:20  [Source: ICIS news]

LONDON (ICIS)--Two members of Yara International’s corporate executive management team have been charged in an investigation into unacceptable payments, the Norwegian fertilizer producer said on Friday.

The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Okokrim) charged Yara’s head of upstream, Tor Holba and CFO, Hallgeir Storvik.

In March, Yara said it had uncovered unacceptable payments from a former joint venture in Switzerland through an investigation of possible corruption.

The company said the charges are related to issues within the scope of the ongoing investigation, which began in 2011.

"I am surprised by this development. However, Yara has had a close cooperation with Okokrim throughout the process, and will continue this also in this new phase. It is important for us to see this process through to its conclusion, and we will now await Okokrim's further investigation," said Yara's CEO Jorgen Ole Haslestad.

By: Leigh Stringer
+44 208 652 3214

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