Innospec
Encyclopedia
Innospec Specialty Chemicals is the world's only manufacturer of tetraethyllead (TEL) used in the manufacture of 100LL avgas
. It is listed on the NASDAQ
as IOSP.
and Guardian Films, Innospec, while trading as company Octel, was revealed to have been bribing
officials in Iraq
and Indonesia
with millions of dollars to continue using TEL as a fuel additive, which has links to causing to brain damage in children. The company has since settled this matter with all of the authorities, and has a new management team in place who have introduced new compliance procedures.
Avgas
Avgas is an aviation fuel used to power piston-engine aircraft. Avgas is distinguished from mogas , which is the everyday gasoline used in cars and some non-commercial light aircraft...
. It is listed on the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
as IOSP.
Controversy
In a 2010 investigation by The GuardianThe Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
and Guardian Films, Innospec, while trading as company Octel, was revealed to have been bribing
Bribery
Bribery, a form of corruption, is an act implying money or gift giving that alters the behavior of the recipient. Bribery constitutes a crime and is defined by Black's Law Dictionary as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or...
officials in Iraq
Iraq
Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
and Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
with millions of dollars to continue using TEL as a fuel additive, which has links to causing to brain damage in children. The company has since settled this matter with all of the authorities, and has a new management team in place who have introduced new compliance procedures.