Zambezi Times Online

SEC Probing Halliburton Venture

DALLAS, June 11 - Halliburton's Nigerian joint venture is the focus of a formal Securities and Exchange Commission investigation over payments related to a liquefied natural gas facility in Nigeria, the company said Friday.

French police have alleged that Halliburton's subsidiary Kellogg Brown & Root paid $180 million in bribes to land the project during Vice President Dick Cheney's tenure as head of the Houston-based parent company.

The payments being probed by the SEC are connected to the construction of the facility by TSJK, a private limited liability company in Madeira, Portugal. Its members are KBR, the engineering and construction arm of Halliburton, as well as France's Technip, a Dutch-based affiliate of Italy's ENI and JGC Corp. of Japan. Each owns 25 percent.

"While Halliburton does not believe that it has violated the Foreign Corrupt Practices Act, Halliburton's own internal investigation of these matters is ongoing and there can be no assurance that government authorities would not conclude otherwise," Halliburton said in a press release.

It has already been reported that a French magistrate is reviewing the matter, Halliburton noted.

"Representatives of Halliburton have recently met with the French magistrate to express their willingness to cooperate with the investigation," the company said.

TSKJ is building the facility for Nigeria LNG Ltd.

Halliburton's shares ended Thursday's trading at $29.19, up 24 cents.

By Lisa Sanders

Add your response to Readers’ Corner

Sign up for PayPal and start accepting credit card payments instantly.

SEC Probing Halliburton Venture

IMF World Bank Give Cheaper Credit

Inflation Goes Down

Enhance Banking Services In Rural Areas, Urges IFAD

Zambia Is Best Market For Philips Products In Africa

Zambian Airways Atr-42 Plane Zambian Airways Buys New Plane

US To Extend Eligible Exports Products

Zamcargo Scouts For Equity Partner

World Bank Corruption May Top $100 Billions

Privatise Roads - Chabwera

Zambian Breweries Join Support For SA To Host World Cup

Africa Success At Chambers Global Awards 2004

(461 articles)

Arts | News Front | Perspectives | People | Business | Metals | Dinar Files | Health | Sports | Environment | Tech Files

Readers' corner | Community | Temple Web | Announcement | Mailing List | Newsletter | Contact Form | Search From

©2004, Zambezi Times

zto news