Halliburton considered bribing Nigerian officials to win contracts

09/03/04 - newratings.com

NEW YORK, September 3 (New Ratings) – An internal investigation into Halliburton Co (HAL) reportedly revealed that the company had considered bribing Nigerian officials to win contracts a decade back.

The internal probe into Halliburton, the world's second largest oilfield services company, uncovered handwritten notes suggesting that members of a consortium led by the company had considered bribing Nigerian officials to win contracts. The consortium, named TSKJ, was formed in the early 1990s and included former Halliburton employees.

The contracts, worth approximately $7 billion, included a $5 billion project to build a natural gas liquefaction plant. The payments were reportedly made between 1995 and 2002. However, media reports quoted a Halliburton spokeswoman saying that although the evidence reveals that the members of the consortium were discussing bribing Nigerian officials, there is no indication to suggest that any money changed hands. Halliburton reportedly said that it has already submitted the information to the US Department of Justice, the US Securities and Exchange Commission and a French magistrate.

Halliburton had also allegedly overcharged on contracts in Iraq and Afghanistan, which the company had won through political pressure. Media reports quoted the company saying that there is no evidence suggesting Vice President Dick Cheney’s knowledge of the misconduct.