Halliburton Says Anticipated Pentagon Audit May Squeeze Cash Flow

[TacticalPeek]

Halliburton Says Anticipated Pentagon Audit May Squeeze Cash Flow


By Kristen Hays The Associated Press

Published: Mar 9, 2004

HOUSTON (AP) - Halliburton Co. said it expects the Pentagon to launch a formal audit of possible deficiencies in its procurement procedures in Iraq and Kuwait, which could "adversely affect" the company if it must pay back some of the money.

The Houston-based oil services conglomerate once run by Vice President Dick Cheney said in an annual report filed Monday with the Securities and Exchange Commission that the Defense Contract Audit Agency recently issued a deficiency report related to logistics contracts, and is expected to initiate a formal probe soon.

A Halliburton subsidiary, KBR - formerly known as Kellogg Brown & Root - provides services for the military from building bases to delivering mail, and would be a possible target.

Auditors from the Pentagon already have questioned possible overcharges connected to Halliburton's contract to serve food to U.S. troops. The company has credited the Defense Department $36 million and has delayed billing on $141 million until an investigation is complete.

more
http://ap.tbo.com/ap/breaking/MGA7SYGOMRD.html


Nice to see the squeeze go the other way for a change. :)

[BlueEyedSon]

1. Only one reaction

:nopity:

[nadinbrzezinski]

2. Damn, you think they will ask their former CEO to help?

:nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity:

[goclark]

3. Just Curious

Does Halliburton practice Affirmative Action?
I don"t recall seeing any minority executives involved in the criminal events for these thugs.