June 12, 2004
-
SEC BEGINS FORMAL PROBE OF
SUBSIDIARY OF HALLIBURTON CO.
ASSOCIATED PRESS
June 11, 2004
HOUSTON - The Securities and Exchange Commission is formally investigating allegations that a Halliburton Co. subsidiary was involved in paying $180 million in bribes to get a natural gas project contract in Nigeria. Vice President Dick Cheney was head of the oil services conglomerate at the time.
The allegations center on a $4 billion Nigerian liquefied natural gas plant built in the 1990s by the four partners. The payments for the gas plant contract were allegedly made to Nigerian officials.
Cheney was Halliburton's CEO from 1995 to 2000 - five of the seven years in which the clandestine payments were allegedly made.
Halliburton officials don't believe the company has violated the Foreign Corrupt Practices Act, but the company said "there can be no assurance that government authorities would not conclude otherwise."
From danpalmer424
Recent Comments