Innospec has admitted to bribing foreign officials in developing nations and will pay $40.2 million to settle investigations by U.S. and British authorities, Reuters reports. The settlement resolves charges by the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury's Office of Foreign Assets Control and Britain's Serious Fraud Office, the report says. Innospec for years has been the last remaining manufacturer producing tetraethyl lead (TEL), a fuel additive that was banned in the U.S. in the 1970s. U.S. and British officials have been investigating charges that the company paid officials in some developing countries to ensure a continued market there. The fine is equal to the amount Innospec last month said it had set aside in anticipation of the settlement.
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