Verdicts & Settlements
Halliburton Agrees to Record $559M Bribery Settlement
Posted Jan 27, 2009 6:53 AM CDT
By Debra Cassens Weiss
Halliburton has agreed to pay $559 million to settle charges that its former KBR Inc. unit bribed Nigerian officials during the building of a gas plant.
The settlement is the largest ever by a U.S. company in a bribery probe, report the Wall Street Journal and Reuters. Under terms of the deal, Halliburton will pay $382 million to the U.S. Justice Department and $177 million to the Securities and Exchange Commission.
In December, German company Siemens AG agreed to pay $800 million to settle bribery charges by the United States.
Former Vice President Dick Cheney headed Halliburton during the period when some bribes allegedly occurred, but there is no evidence he knew of them, the Wall Street Journal says.