CBI launches probe into Yara-Kribhco bribery scandal
Indian investigators have reportedly launched a probe into the Yara-Kribhco bribery case. Norwegian fertiliser giant Yara allegedly paid off US$1 million to a former Indian bureaucrat and his son to secure a joint venture with Krishak Bharati Cooperative Ltd. (Kribhco) in 2007.
Sources said India's Central Bureau of Investigation (CBI) has started preliminary investigation, naming the then bureaucrat and his son as suspects in the case. Sources added that the investigative agency would soon call the former bureaucrat and his son for questioning in connection with transfer of US$1 million in their offshore accounts.
The CBI has reportedly based the inquiry on statements from Yara, and also asked Norwegian prosecution agency Okokrim for more information in this regard.
According to information revealed by Norwagian investigators, the illegal payment was made to Jivtesh Singh Maini, who was Additional Secretary & Financial Advisor at Government of India's Department of Fertilizers in 2007, and his son Gurpreetesh Singh Maini.
In 2007, Jivtesh Singh Maini was on board of Kribhco. Previously, he served on the boards of several prestigious companies like Hindustan Antibiotics Limited [HAL], and Rashtriya Chemicals & Fertilizers Ltd. He had also been Private Secretary of a Chief Minister of Punjab in the past.
Indian investigators have surprisingly started the probe as the Norwegian investigators have already completed the inquiry and penalized the guilty.