Ha! Halliburton lists relationship with Cheney as a 'risk factor'!

[TacticalPeek]

Halliburton Finds Hot Water in Nigeria

By Melissa Davis
TheStreet.com Senior Writer
6/18/2004 2:11 PM EDT

snip

The scandal-plagued company, best known for its ties to Vice President Dick Cheney, announced Friday that it has terminated a former division executive suspected of bribery. Jack Stanley, who officially retired as chairman of Halliburton's KBR division last year, has been stripped of his duties as a consultant amid a probe of a multibillion-dollar liquid natural gas project in Nigeria.

snip

Halliburton has come under fire, most notably, for its huge contracts in Iraq. Critics believe that Halliburton has enjoyed favoritism -- landing deals outside the competitive bidding process -- due to Cheney's role as the company's former CEO. They have accused Halliburton of bilking the government for everything from soldier meals to monogrammed towels and have sparked multiple investigations into the company as a result.

snip

Halliburton has hired some powerful help, however. The company confirmed to various media outlets in February that it had retained Baker Botts -- a prestigious law firm with deep ties to the Bush family -- to lead its internal investigation into the Nigerian deal.

snip

Halliburton now actually lists Cheney's ties to the company as a potential risk factor. But for now, it is finding fault with others -- namely Stanley and his former sidekick -- instead.

more
http://www.thestreet.com/stocks/melissadavid/10166770.html


This time, it may not be "Follow the money" because there's just too much of it, but instead, "Follow Jim Baker".

[PoliticsSportsMusic]

1. Nice find...thx for sharing! n/t

[nothingshocksmeanymore]

2. Here's a couple choice additions to this story

Halliburton's announcement re: Stanley


2004 Press Releases

FOR IMMEDIATE RELEASE: June 18, 2004

HALLIBURTON AND KBR ENDING RELATIONSHIP WITH JACK STANLEY

- Cites Code of Business Conduct Violations -

HOUSTON, Texas - Halliburton (NYSE:HAL) announced that it is terminating all of its relationships with Mr. A. Jack Stanley. Mr. Stanley most recently served as a consultant and chairman of KBR. Mr. Stanley served in several management capacities since joining the M.W. Kellogg organization in 1975. M.W. Kellogg was acquired by Dresser Industries Inc. in 1988 and Halliburton acquired Dresser in 1998. KBR also announced that another consultant and former employee of M.W. Kellogg, Ltd., a joint venture in which KBR has a 55% interest, is also being terminated.

The terminations occurred because of violations of Halliburton's and Dresser's codes of business conduct that, to Halliburton's knowledge, involve the receipt by these persons of improper personal benefits. Evidence of these violations was uncovered in connection with the previously disclosed investigation related to the construction and subsequent expansion by TSKJ of a natural gas liquefaction facility in Nigeria.

"While we do not know all of the facts related to the issue, we are taking these actions in response to the facts that we do have and to protect our investors, employees, customers and vendors as several investigations proceed," said Dave Lesar, chairman, president and chief executive officer, Halliburton. "It is important to the company that clients, suppliers and host countries know Halliburton's Code of Business Conduct is expected to be followed in every country in which the company operates."

As previously reported, TSKJ and other similarly owned entities have entered into various contracts to build and expand the Nigerian LNG project. TSKJ is a private limited liability company registered in Madeira, Portugal whose members are Technip SA of France, Snamprogetti Netherlands B.V., which is an affiliate of ENI SpA of Italy, JGC Corporation of Japan, and KBR, each of which owns 25% of the venture.

Halliburton continues to cooperate with the United States Department of Justice and the SEC in connection with these matters, and its own internal investigation is continuing. The Company noted, however, that it does not believe it has violated the Foreign Corrupt Practices Act, although there can be no assurance that the government or the Company's internal investigation will not conclude otherwise. As a result of the violations of Halliburton's Code of Business Conduct, however, the Company announced that it will ask TSKJ to terminate immediately all services of TSKJ's agent, Tri-Star Investments, and to pursue all available legal remedies against the agent.

Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services and Engineering and Construction Groups. The company's World Wide Web site can be accessed at www.halliburton.com.


Click on the link for a masterpiece of a disclaimer by the people purchasing tort reform :D
http://www.halliburton.com/news/archive/2004/corpnws_061804.jsp



Doug Ireland's article:
The Cheney Connection: Tracing the Halliburton money trail to Nigeria

Was Halliburton, the oil conglomerate once headed by Dick Cheney (news - web sites), involved in a massive $180 million bribery scheme in Nigeria on Cheneys watch? Hopes that the veil may finally be lifted on yet another odoriferous Halliburton scandal were raised last Friday, when it was announced that the Securities and Exchange Commission (news - web sites) has finally opened a formal investigation into the alleged bribery — which French authorities have been probing for a year. In Paris, official documents revealing that Cheney might be among those indicted on corruption charges as a result of the French investigation made front-page news there last Christmas — but not here.

The newly launched SEC probe was undoubtedly sparked by the latest revelations in the French investigation. A Halliburton London lawyer, Jeffrey Tesler — identified by the French investigating magistrate conducting the international bribery probe as the bagman who controlled the secret $180 million slush fund set up (according to French press reports) by a Halliburton subsidiary, Kellogg Brown & Root (KBR) — admitted in mid-May, under oath, making two payments from the slush fund totaling nearly $1 million to two top KBR executives.

http://story.news.yahoo.com/news?tmpl=story&u=/laweekly/20040618/lo_laweekly/54425&e=6&ncid=

[TacticalPeek]

3. Kick.

I wonder how they phrase that on their financial statements? Maybe they could use some help from those old Enron hands out there.

:shrug: