Former CEO Admits Making Corrupt Payments in Iraq

Paul Jennings appeared before Southwark Crown Court in  London on Monday charged with alleged offences of conspiring to make corrupt payments to public officials in Indonesia and Iraq to secure contracts for Innospec Ltd for the supply of its products.
Mr Jennings, a former CEO for Innospec Ltd, pleaded guilty today to the following charges:
Two allegations of conspiracy to corrupt in that he gave or agreed to give corrupt payments to public officials and other agents of the Government of Indonesia (between 14 February 2002 and 31 December 2008) and Iraq (between 1 January 2003 and 31 January 2008) as inducements to secure, or as rewards for having secured, contracts from that Government for the supply of its products including Tetraethyl Lead by Innospec.
Mr Miltos Papachristos, who was at the time the Regional Sales Director for the Asia-Pacific region for Innospec and Mr Dennis Kerrison, former CEO entered not guilty pleas. They are together charged with one count of conspiring to corrupt via giving or agreeing to give corrupt payments to public officials and other agents of the Government of Indonesia (between 14 February 2002 and 31 December 2008) as inducements to secure, or as rewards for having secured, contracts from that Government for the supply of its products including Tetraethyl Lead by Innospec.
In January of last year, we reported that Jennings had already agreed to pay $229,000 to settle a claim against him by the U.S. Securities and Exchange Commission
(Source: Serious Fraud Office)