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KBR, Halliburton fined $579m total

Bloomberg News / February 12, 2009
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HOUSTON - KBR Inc. and its former parent, Halliburton Co., agreed to pay $579 million to resolve US criminal and regulatory charges that the engineering company paid bribes totaling more than $180 million to Nigerian officials to win more than $6 billion in contracts to build a liquefied natural gas project in that country.

Andrew Farley, KBR's general counsel, entered a guilty plea yesterday in federal court in Houston on behalf of the Houston-based company to conspiracy and to violating the US Foreign Corrupt Practices Act, and agreed to a $402 million fine.

Separately, the Securities and Exchange Commission said Halliburton and KBR would pay $177 million in forfeited profits to settle civil bribery allegations without admitting wrongdoing.

KBR also pledged at a federal court hearing to hire an independent monitor to review its internal controls and record keeping for three years.

© Copyright 2009 Globe Newspaper Company.
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