Yara International ASA (OSE: YAR) started an external investigation of possible corruption in early 2011. Back then the investigation was started on Libyan operations related to the Yara's interest in Libyan Norwegian Fertilizer Company. This investigation looking into matters before 2008 is still ongoing. The company said this Friday, that it has now uncovered unacceptable payments from its JV in Switzerland. Authorities have been notified of these new findings as well.
The fertilizer maker has started to tackle such issues with more vigour. It has made it clear in its recent communications that improvements in applying the communicated corporate governance group-wide have still existed. CEO & President Jørgen Ole Haslestad expressed disappointment of the uncovered events leading to these new discoveries but promised to continue to get to the bottom of this.
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