Hallburton, KBR paying $574 million in bribery settlement

[sabra]

Source: MarketsWatch

NEW YORK (MarketWatch) -- The U.S. Securities and Exchange Commission said Wednesday it reached settlements over alleged bribery of officials in Nigeria with KBR Inc. The pacts marked the largest combined settlement ever paid by U.S. companies under the Foreign Corrupt Practices Act (FCPA). KBR and Halliburton have agreed to pay $177 million in disgorgement to settle the SEC's charges. Kellogg Brown & Root LLC has agreed to pay a $402 million fine to settle parallel criminal charges brought by the U.S. Department of Justice. A subsidiary of KBR pleaded guilty to conspiring to violate the FCPA and to substantive counts charging violations of the anti-bribery provisions of the FCPA in connection with the Bonny Island project in Nigeria. The scheme commenced in the 1990's prior to Halliburton's 1998 acquisition of Dresser Industries, Inc., Halliburton said. "With respect to the SEC, without admitting or denying the allegations in the complaint, Halliburton consented to the entry of a final judgment that permanently enjoins Halliburton from violating the record-keeping and internal control provisions of the FCPA," Halliburton said.

Read more: http://www.marketwatch.com/news/story/hallburton-kbr-paying-574-million/story.aspx?guid={B8138925-046F-41AE-8D58-A8A06FCAC5E6}

[pleah]

1. So, does this mean that they paid off and won't face charges in a court?

K&R

[Robbien]

6. They pled guilty to the charges

The punishment was the fine and

Under the terms of the plea agreement, KBR agreed to retain an independent compliance monitor for a three-year period to review the design and implementation of KBR’s compliance program and to make reports to KBR and the Department of Justice. KBR also agreed to cooperate with the agency in its ongoing criminal investigation investigations.

http://pubrecord.org/law/676-halliburton-kbr-plead-guilty-to-cheney-era-bribery-charges.html

I guess that's like a corporation under house arrest wearing an ankle bracelet for three years.

[pleah]

7. I guess I was just hoping someone from KBR would go to prison.

Wishful thinking.

[acmavm]

2. This is just chump change to these guys.

[stillcool]

3. cost of doing business...

just write that off as tax-free contribution.

[barbtries]

4. some people need to go to prison

over this! goddammit.

[eppur_se_muova]

5. That's a tax-deductible expense, right?

After all, the original bribes were, shouldn't the settlement be too?