Ex-Innospec CEO settles civil bribery charges

WASHINGTON – Federal regulators will settle civil charges against a former chief executive at Innospec Inc., who they say approved bribes to Iraqi and Indonesian officials to get more business supplying a chemical used to refine oil.

The Securities and Exchange Commission said Monday that Paul Jennings agreed to pay $229,037 to settle charges that he played a key role in the bribery scheme starting in 2005. Jennings neither admitted nor denied the allegations, but agreed to refrain from future violations of securities laws.

The British specialty chemicals maker pleaded guilty in March to criminal charges of bribery, defrauding the United Nations and violating the U.S. embargo against Cuba. It agreed to pay $40.2 million in a settlement with several U.S. and British agencies.