The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Innospec, Inc. / Paul W. Jennings
Securities and Exchange Commission
Indonesia, Iraq (UN Oil-for-Food); Iraq
Consent to Final Judgment
Disgorgement of Profits, Prejudgment Interest, Civil Penalty
Bribery of foreign officials, Falsification of books and records, Internal controls violations, Aiding and Abetting Innospec's falsification of books and records, Aiding and Abetting Innospec's internal controls violations
No admission or denial of alleged offenses
According to the US Securities and Exchange Litigation Release and Complaint in SEC v. Paul W. Jennings, Mr. Jennings joined Innospec in 2002 as the Chief Financial Officer. the SEC Complaint alleged that Mr. Jennings became aware of Innospec's bribery scheme in Iraq and as he took on additional executive roles, approved and/or faciliated bribes and he also was aware of and approved bribery payments to Indonesian officials, including one scheme involving Pertamina, the Indonesian state-owned oil and gas company. (Sources: US Securities and Exchange Commission Litigation Release No. 21822 / January 24, 2011, Securities & Exchange Commission v. Paul W. Jennings, 1:11-CV-00144 (D.D.C.) (RMC), "SEC Files Settled Bribery Charges against Paul W. Jennings," and Securities & Exchange Commission v. Paul W. Jennings, 1:11-CV-00144-RMC (D.D.C.), Complaint filed on January 24, 2011.)
US Securities and Exchange Commission Litigation Release No. 21822 / January 24, 2011, Securities & Exchange Commission v. Paul W. Jennings, 1:11-CV-00144 (D.D.C.) (RMC), "SEC Files Settled Bribery Charges against Paul W. Jennings," accessed at http://www.sec.gov/litigation/litreleases/2011/lr21822.htm; Securities & Exchange Commission v. Paul W. Jennings, 1:11-CV-00144-RMC (D.D.C.), Complaint filed on January 24, 2011, accessed at http://www.sec.gov/litigation/complaints/2011/comp21822.pdf
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