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...Mr Walker retired from chemicals group Innospec in 2003 after 23 years....
...Innospec, which has now expressed interest at $47.50 a share, may firm up its offer but would be unlikely to close this year....
...formalised mechanism to settle complex, multinational fraud cases was made after the SFO received stinging judgments in 2010 when it tried to present courts with pre-arranged deals after its investigations of Innospec...
...Several high-profile cases pursued by the SFO, including those against BAE Systems and Innospec, were settled....
...Ad hoc agreements negotiated by the Serious Fraud Office with companies including Innospec and BAE Systems were criticised by judges who were asked to approve the arrangements....
...Both Innospec and Harman have a legacy product that – for very different reasons – is declining, and which they are offsetting with new products....
...An innovative informal plea bargain put together by the Serious Fraud Office with Innospec last year was described as “wholly inadequate” and inappropriate by one of Britain’s top judges....
...The current system’s weaknesses were highlighted by SFO cases against Innospec and BAE Systems . In both cases, judges balked at being presented with a done deal....
...called for a strengthening of prosecutorial tools in the fight against white-collar crime, including a formalisation of plea arrangements like the ones the SFO has used in cases against BAE Systems and Innospec...
...This is a necessary concession after judges harshly rebuked the SFO for bringing them precourt arrangements in the cases against Innospec, the chemical company, and BAE Systems, the defence equipment group...
...Such agreements were used by the Serious Fraud Office in the cases brought against BAE Systems and Innospec but were harshly criticised by the presiding judges, who balked at the erosion of their duty to...
...The SFO still has critics – its handling of the bribery probe of BAE Systems drew widespread jeers and a judge rejected its plea deal with Innospec, the chemical company, saying it infringed on judicial...
...The judge said that, while Mr Alderman’s “vigorous prosecution” of Cheshire-based Innospec was praiseworthy, the director had exceeded his powers in the course of striking a joint deal with the US authorities...
...Sue Hawley of Corruption Watch, a campaign group, said the Innospec affair would have “enormous reverberations” and had the potential to derail BAE’s settlement with the SFO....
...Lord Justice Thomas said Innospec used about $8m of bribes in “systematic and large-scale corruption” of senior Indonesian government officials, including pay-offs to stop the country discarding Innospec...
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