Halliburton cooperating with SEC in probe of Nigeria bribery scheme

[stop the bleeding]

Halliburton Company has said it will agree to the Securities and Exchange Commission's (SEC) request for more time to investigate possible bribery and corruption in connection with the company's natural gas operations in Nigeria.

The oilfield services conglomerate disclosed the SEC's recent request for a so-called tolling agreement in a regulatory filing on Tuesday. Such an accord will put off the time when the legal clock started running, or tolling, on the case under the statute of limitations - generally five years for such investigations.

The agreement also gives Houston-based Halliburton more time to make its case to the SEC against possible civil charges under the Foreign Corrupt Practices Act, or to work out a settlement with the agency. The act makes it unlawful to bribe foreign government officials or company executives to obtain or retain business.

"In September 2006, the SEC requested that we enter into a tolling agreement with respect to its investigation. We anticipate that we will enter into an appropriate tolling agreement with the SEC," Halliburton said in its filing.

SEC spokesman John Nester declined comment yesterday.





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