Norwegian company suspected of corruption in India

Yara said today it is cooperating with authorities in the matter, which surfaced during a company probe into other irregularities in Libya.

It said an employee revealed a payment of USD 1 million had been made to a third party during the 2006-2007 project in India, aimed at establishing a fertilizer joint venture.

In April, Yara launched an investigation into possible fraud involving a joint venture in Libya.
CEO Joergen Ole Haslestad says he is satisfied that the company's probe "brought this matter to the surface," but disappointed it wasn't revealed earlier.

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