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SUNDAY, NOVEMBER 22, 2009
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Halliburton Will Pay $559M in Nigerian Bribery Fines

The settlement is the second-largest under the current law

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(Newser) – Halliburton will shell out $559 million in fines—the largest federal penalty ever paid by a US company for bribery—to the Justice Department and the SEC to settle claims that its former KBR unit greased the palms of Nigerian officials to help get a gas liquefaction facility built, along with other projects dating back over two decades. KBR’s former chief pleaded guilty in September to a scheme to pay $180 million in kickbacks to Nigerian officials involved in the gas facility's construction, Reuters reports.

Halliburton, once helmed by former VP Dick Cheney, will also have to retain an independent consultant to ensure its compliance with bribery laws. The company ran afoul of the Foreign Corrupt Practices Act, which punishes companies for using bribes to win foreign business. The Houston Chronicle reports the penalty is the second-largest ever under FCPA after German engineering company Siemens paid $800 million for violating it in December.

Local residents paddle a canoe past oil installations belonging to the Mobil oil company in Bonny Island, Nigeria, where Halliburton is accused of bribing local officials.
Local residents paddle a canoe past oil installations belonging to the Mobil oil company in Bonny Island, Nigeria, where Halliburton is accused of bribing local officials.   (AP Photo/George Osodi, File)
Halliburton will pay $560 million to settle a bribery probe with the U.S. The oil field services firm is is accused of paying millions in kickbacks related to a gas liquefaction plant in Nigeria.
Halliburton will pay $560 million to settle a bribery probe with the U.S. The oil field services firm is is accused of paying millions in kickbacks related to a gas liquefaction plant in Nigeria.   (AP Photo/George Osodi)
An unidentified woman lays clothes out to dry on an oil pipeline running through the Okrika neighborhood of Port Harcourt in Nigeria's oil-rich delta region, in this Oct. 7 2006 file photo.
An unidentified woman lays clothes out to dry on an oil pipeline running through the Okrika neighborhood of Port Harcourt in Nigeria's oil-rich delta region, in this Oct. 7 2006 file photo.   (AP Photo/Sunday Alamba, file)
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5 comments
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EddyTeach
Jan 27, 09 9:36 AM CST
All this because Dick Cheney received an email recently explaining how the prince of Nigeria needs help accessing his bank account. Reply
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veloslug
Jan 27, 09 9:49 AM CST
This won't affect the value of Dick's stock options, I hope. Reply
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christine_m
Jan 27, 09 10:21 AM CST
Gee, they are paying more in fines in Nigeria than they paid taxes here... oh wait, I paid more in taxes here than Halliburton did....! Reply
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radnip
Jan 28, 09 3:08 AM CST
Lower taxes for the rich! 95% of people don't pay income taxes. All they pay are withholding; various cellphone, flight and other use taxes; sales taxes; get passed producer taxes, etc. but don't worry, since they don't pay INCOME taxes, tax breaks should only go to those who would never notice a extra tens of thousands of dollars. Reply
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Shannonals
Jan 30, 09 1:17 PM CST
Wonder if Dick Cheney has any copnnections to the bribes Reply
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