Halliburton shareholders sue to ‘punish’ company directors
To settle charges that its agents bribed Nigerian officials in order to obtain billions of dollars in contracts in the country, Halliburton Co. and KBR agreed in February to pay a combined total of $579 million to the U.S. government. And if that did not sting the company coffers enough, a group of shareholders is now suing the company in Harris County District Court, seeking to “punish” officials who allowed such lax standards that millions of dollars could be spirited away to Nigerian bureaucrats, incurring massive fines and harming shareholders’ profits.“According to the lawsuit, ‘the defendants caused Halliburton to maintain internal controls that were so deficient that Halliburton insiders were able to divert millions of dollars of company funds to pay illegal bribes to various foreign officials in direct violation of the [Foreign Corrupt Practices Act]. Defendant’s failure in this regard has caused substantial damage to Halliburton,’” Houston Press reports.
Nearly $150 million of the $180 million given was later discovered in a Swiss bank account.............
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4 comments:
I hear Halliburton and just cringe. It can never be a good thing. Never.
nope NEVER
I'd like to see more substantial damage to Halliburton, personally. Like pension funds divesting, that would be a start. But I guess these guys think that fraud, malfeasance, and generally consorting with Satan is okay unless it loses them money.
the world is their oyster. we're they're grit
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