Kribhco denies any involvement in wrongdoing with Yara

Fertiliser co-operative Kribhco today said its officials were not involved in any wrongdoing with Norwegian firm Yara, which was fined USD 48 million yesterday for bribing a senior Indian government official and entities in Libya and Russia.
Mineral fertiliser producer Yara was negotiating with Kribhco during 2006-07 for setting up a joint venture project.
In April 2011, Yara International appointed the law firm Wiersholm to conduct an external investigation in this matter.
Yara in June 2012 had released the main findings of the investigation which said that "an unacceptable payment of USD 1 million in 2007 to a consultant in India is documented, related to negotiations with Krishak Bharati Cooperative Ltd (Kribhco)".

When contacted, Kribhco Vice-Chairman Chander Pal Singh said: "Earlier also this matter came to our notice and we had inquired about this matter but there was no wrongdoing done by any official of the co-operative."
He emphasised that Kribhco was not involved in any unlawful activity with the Norwegian firm.

"So far Yara has not approached them. And in future if they approach us, we will enquire about the whole issue," Singh told PTI.
Yesterday, Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Okokrim) imposed a hefty fine of about USD 48 million on Yara for bribing a senior Indian government official and entities in Libya and Russia.

Yara International ASA, where Norwegian government holds about 36 per cent stake, acknowledged the "guilt" and accepted the penalty but said it is "severe".
Terming the case as serious corruption, Okokrim in a statement said that the company indulged in bribery with senior government officials in India and Libya besides suppliers in Russia.