Friday, October 21, 2011

Halliburton probes Angola unit after email tip-off - embezzlement of $175,000 in payments to government officials

Fri Oct 21, 2011

* Halliburton has briefed DOJ/SEC on investigation
* Halliburton, rivals all well versed in FCPA matters

By Braden Reddall

Oct 21 (Reuters) - U.S. oilfield services company Halliburton Co conducted an internal investigation of its Angolan operations after an anonymous email alleged its employees breached corruption laws.

The disclosure on Friday comes only months after Halliburton closed the book on the final bribery probe related to $6 billion worth of contracts awarded for a Nigerian project to former subsidiary KBR Inc .

The Angola-related email arrived in December 2010, and said certain current and former Halliburton personnel violated the U.S. Foreign Corruption Practices Act (FCPA), principally through the use of an Angolan vendor, Halliburton said.

"The email also alleges conflicts of interest, self-dealing and the failure to act on alleged violations of our COBC (Code of Business Conduct) and the FCPA," the Houston-based company said in a Securities and Exchange Commission (SEC) filing.

After advising the U.S. Department of Justice of the probe, which includes assistance from outside lawyers and independent forensic accountants, Halliburton met last quarter with the DOJ and SEC to brief them and provide them documents, it said.

The company described the investigations as "at an early stage" and could not predict their outcome or consequences.

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