Halliburton Admits Giving Bribes in Nigeria
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Halliburton Says Gave Bribes in 0aNigeria
Thursday 08 May 2003
NEW YORK - Halliburton Co. HAL.N, the world's No. 2 oilfield 0aservices company, said in a regulatory filing on Thursday that it has disclosed 0ato the U.S. Securities and Exchange Commission that it made about $2.4 million 0ain improper payments in Nigeria.
The Houston-based company, once run by Vice President Dick 0aCheney, said it discovered during an audit that one of its foreign subsidiaries 0aoperating in Nigeria paid $2.4 million to an entity owned by a Nigerian national 0ain order to get favorable tax treatment.
The individual pretended to be a tax consultant though he worked 0afor a local tax authority, the company said in the filing.
Halliburton said 0athe payments 'clearly violated' its code of conduct and internal control 0aprocedures and added that it is cooperating with the SEC in its review of the 0asituation. It may also have to pay as much as an additional $5 million in taxes 0ain Nigeria.
The company, which said none of its senior officers were 0ainvolved, has conducted an investigation into the situation and fired 'several' 0aemployees based on the investigation's findings.
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