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A top Norwegian Fertilizer company, Yara embroiled in corruption scandal in Libya

Tuesday, 26 March 2013
A very serious bribery scandal has been uncovered between a Norwegian fertilizer company, Yara,and an African country, Libya in which lots of money exchanged hands through m,any companies and many fake transactions.

The Norwegian fertilizer producer, Yara, a company with multi-billion turnover,
is suspected of having bribed a former top politicians in Libya, Shokri Ghanem, who was found dead in the Danube River in Austria a year ago.

Image: Former Prime Minister, oil minister and head of the Libyan state oil company NOC, Shokri M. Ghanem, should have received millions from Yara. Source: Dagens Næringsliv

Reports from the Norwegian business daily, Dagens Næringsliv hold that the company, Yara, using fictitious invoices to had transferred over Nkr8 million to the former Prime Minister, oil minister and senior commander in the Libyan state oil company NOC, Shokri Ghanem.

According to detailed information which the paper reviewed, access was granted, for the payout of $ 1.5 million (Nkr8.25 million) and went to an account controlled by a close family member of Ghanem in the Swiss bank UBS.

The bribes are said to have been disguised through payments associated with dealings on fertilizers and should have gone through a number of companies. Police through seizures of the Swiss fertilizer trading company Balderton's records and another Swiss company have come across the documentation showing the transfer.
Bjorn Stordrange, the lawyer representing Ghanem's family in Norway said to the press that "I have no comments on this."
The corruption case exploded in the spring of 2011 in which the company, Yara, was informed by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime, Økokrim about the possible corruption in connection with a project in Libya.

It happened after the boss of the upstream segment, Tor Holba in 2008 warned internally about possible corruption. Internal investigation also led to suspicions of possible corruption in India. Økokrim indicted Yara for gross corruption in both cases.
by Scancomark.com Team

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