Halliburton to Pay $559 Million to Settle Bribery Probe
January 27th, 2009Via: Reuters:
Halliburton Co will pay a $559 million fine to end an investigation of its former KBR Inc unit if the U.S. government approves the settlement, the largest penalty against a U.S. company for charges of bribery under federal law.
Halliburton, once headed by former Vice President Dick Cheney, said it was awaiting final approval from the U.S. Department of Justice and the Securities and Exchange Commission to settle claims that KBR violated anti-bribery laws by paying kickbacks to Nigerian officials.
Under the settlement, Halliburton would pay $382 million to the Department of Justice and $177 million to the Securities and Exchange Commission in “disgorgement.”
KBR did not comment on the proposed settlement. Halliburton said in regulatory filings last July that it was in settlement talks with the government.
Dan Newcomb, a partner at law firm Shearman and Sterling in New York who specializes in Foreign Corrupt Practices Act (FCPA) law, said it was likely more companies involved in anti-corruption cases would settle with the U.S. government.
Under the FCPA, it is illegal for U.S. companies or their agents to use bribes to win foreign business.
Other oilfield service companies including Schlumberger Ltd and Transocean are being scrutinized by U.S. officials for possible FCPA violations. Both companies said they were cooperating with the U.S. government.
Snort. This is just a drop in the bucket of the FRAUD, WASTE, and ABUSE of taxpayer dollars that this company has been part and parcel of. What about the plywood in Bosnia, Freaking Iraq, Afghanistan – you name it.
I know, I know. Down girl, get down. But its in my DNA to be a DAWG going after liars and cheaters. I guess I’ll just have to been happy having been thrown a bone on this one.