&128113 Vara lrœnalional :Vara Ele<Uhes Step DCMII AtiJ!r Corruption lm.estigalion 1 4-Traders

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Vara International: Vara Executives Step Down After Corruption Investigation 05121120121 03:01anUSIE'sstem • Racomœnd. S.:..S o

Two executiloeS at Norwegian fertilizer company Y ara International ASA (YAR.OS) stepped down Monday, alter ha\ing been detained for questioning in connection with a corruption im.estigation.

Chief Financial Ofllcer Hallgeir Stor\ik and Tor Holba, who heads the company's upstream unit, stepped down from their positions at thelr own request but will remain employed by the company, Vara said in a statement.

Stor\ik and Holba were detained by Norwegian police on Friday for questioning in connection . with an economie crimes im.estigation thal started in 201 1.

Torgeir K\idal, currently head of Yara's supply and trade unit, will take O\ef as CFO, \\hile Jan Duerloo, head of the projects and technology unit, has been appointed acting head cl the upstream unit.

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Fridav's im.estiaation is the thin:l case of oossible corruotion inwl\ina

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Yara in the--Past ;~r. Ïn APnl- ia; t y~~. th;~~~J;ny~-;;,~ ~~-;, possible oli!nses related to its CMneŒhip in lit7(an Notwegian Fertilizer Co., kniMn as Ufeco.

Shares in Yaia closed Friday at NOK233.70.

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8128113 Norwayprobing Vara for ·~ng' bribe in lndia- Money- DNA

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Norway probing Y ara for ·paying· bribe in ln dia

Varun Sood

Norwegian company Y ara, the world's largest listed nitrogen fertiliser maker, is under the scanner back home for suspected corruption involving a possible $1 million bribe during efforts to create a joint venture with Krishak Bharati Cooperative Ltd (Kribhco) in India.

Norwegian company Y ara, the world's largest listed nitrogen fertiliser maker, is under the scanner back home for suspected corruption involving a possible $1 million bribe during efforts to create a joint venture with Krishak Bharati Cooperative Ltd (Kribhco) in India.

The National Authority for Investigation and Prosecution of Economie and Environmental Crime in N orway has charged the company of having made a $1 million bribe to an Indian

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8128113 Nawayprobi11J Y1111 for '~111' twlbe in lrda- Money- DNA

consultant when the company entered into a joint venture with the country's largest agricultura\ cooperative.

However, a spokesperson for Y ara said the company is not sure if the investigation is about corruption.

ïhe investigation relates to Kribhco ... The payment is rriade to a consultant, and we believe he is Indian. However, 1 must stress that we do not know for a fact that this is corruption. The investigation will find out if the payment of $ 1 million can be justified by the services the consultants have offered, but we are today questioning the value of this consultant agreement,· a company spokesperson said in an email response.

The company main tains that the ·current management was not aware of any money being paid to an Indian consultant. •

Y ara and Kribhco formed a 50:50 joint venture in April2007 to produce and market mineral fertiliser in the fast-growing Indian market.

However, the project was abandoned after both companies did a "commercial review, and found that other projects could be pursued, • said B D Sinha, managing diret:tor, Kribhco, which is 67% owned by the govemment.

·rm not aware of any such investigation as the MoU was cancelled in 2008, • Sinha said.

Later, in February 2008, the Nowegian -company inked a joint venture with Deepak Fertilisers and Petrochemicals Ltd under which it was to hold 49% and Deepak 51% the rest. The plant was to focus on producing and marketing of technical ammonium nitrate and specialty fertilisers. This partnership too failed after the Norwegian company realised it could not reach a final agreement with its partner.

Significantly, experts say that this case of kickbacks being paid to partner state-controlled firm underlines the underbelly of the fertiliser sector in the world's third largest agriculture market.

ïhe country has for long overlooked the sector (fertiliser), despite having such huge demand. That can be seen how it is always the coalition partner that gets to have the Ministerial post. So most of the times, you have to make. the intermediaries or the junior coalition partners happy to set up a plant, • a head of foreign fertiliser company said. The executive did not wish to be identified on account of the sensitivity of the case.

Y ara says that the Deepak Fertilisers agreement was aimed at establishing productions cap_acity, while Kribhco was aimed at both production and marketing.

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