SEC Investigating Halliburton

Halliburton of Texas said Friday the U.S. Securities and Exchange Commission has begun a formal investigation into a venture in Nigeria.

Halliburton said the SEC is investigating payments made in connection with TSKJ’s construction of a liquefied natural gas facility in Nigeria.

TSKJ is a private limited liability company registered in Madeira, Portugal, whose members are Technip SA of France, Snamprogetti Netherlands B.V., which is an affiliate of ENI SpA of Italy, JGC Corporation of Japan and Kellogg Brown & Root, each of which owns 25 percent of the venture.

Feds Seek Halliburton Cooperation

The U.S. Department of Justice and the SEC have met with Halliburton to go over these matters and have requested that Halliburton cooperate and offer the agencies access to information so they can look into these matters in light of the requirements of the United States Foreign Corrupt Practices Act.

While Halliburton said it does not believe it has violated the Foreign Corrupt Practices Act, the company’s own internal investigation continues and there can be no assurance government authorities would not conclude otherwise.

In a statement today, the company said, “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.”

French Allege Bribes

French authorities have alleged that Kellogg Brown & Root (KBR), a Halliburton’s subsidiary, paid $180 million in bribes to win the project during Vice President Dick Cheney’s term as head of the Houston parent company.

A French magistrate has also been investigating this matter. Representatives of Halliburton have recently met with the French to express their willingness to assist with the investigation.

Founded in 1919, Halliburton is a provider of products and services to the petroleum and industries. The company offers a range of products and services through its Energy Services and Engineering and Construction Groups.

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