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Halliburton to pay $559 million to settle bribery probe

Posted By admin On January 27, 2009 @ 11:19 am In U.S. News | Comments Disabled

Reuters [1]
Tuesday, Jan 27, 2009

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.”

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Halliburton to pay $559 million to settle bribery probe 335x205 graph128c aj [2]

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.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/newsOne/idUSTRE50P5ZE20090126?sp=true

[2] Image: http://www.efoodsdirect.com/products.html

[3] Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels: http://www.prisonplanet.com/banking-giant-hsbc-to-pay-1-2bn-to-settle-u-s-probe-into-money-laundering-for-mexican-drug-cartels.html

[4] Halliburton Admits It Destroyed Gulf Spill Evidence, Pays 0.0007% of Revenue Fine: http://www.prisonplanet.com/halliburton-admits-it-destroyed-gulf-spill-evidence-pays-0-0007-of-revenue-fine.html

[5] JPMorgan Chase Hit With China Bribery Probe: http://www.prisonplanet.com/jpmorgan-chase-hit-with-china-bribery-probe.html

[6] Bribery, compromised officials leave indicted financial-crime suspects free from prosecution under Holder’s DOJ: http://www.prisonplanet.com/bribery-compromised-officials-leave-indicted-financial-crime-suspects-free-from-prosecution-under-holder%e2%80%99s-doj.html

[7] Halliburton’s quarterly profit jumps 83%: http://www.prisonplanet.com/halliburtons-quarterly-profit-jumps-83.html

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