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BUSINESS: Halliburton Settles SEC Probe for $7.5M

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posted on Aug, 3 2004 @ 02:31 PM
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Halliburton has agreed to pay $7.5 million to the SEC to settle a probe which centered on bookkeeping changes made 1998-2001. Halliburton did not admit or deny wrongdoing in the settlement. Vice President Dick Cheney, the former Chief Executive at Halliburton provided sworn testimony and cooperated with the investigation the SEC said. The company is still under investigation in other criminal probes.
 



quote.bloomberg.com
Aug. 3 (Bloomberg) -- Halliburton Co., the defense and oilfield contractor formerly headed by U.S. Vice President Dick Cheney, agreed to pay $7.5 million to settle a Securities and Exchange Commission probe of the company's accounting during his tenure.

The company, the largest U.S. contractor in Iraq, failed in 1998 to disclose a change in the way it accounted for revenue from some construction work, the SEC said in a statement. Houston- based Halliburton, which neither admitted nor denied wrongdoing, said in a separate statement that it won't need to restate financial reports from the periods in question.


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The other probes include current operations in Iraq and Iran along with an investigaton for alleged bribes in Nigeria to help Halliburton win business.

Related News Links:
servihoo.com
newsobserver.com




posted on Aug, 3 2004 @ 02:57 PM
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Two more stories on the settlement:



Halliburton pays $7.5M fine to settle SEC investigation
Halliburton Co. has paid a civil penalty of $7.5 million to settle a Securities and Exchange Commission probe into how company in 1998 and 1999 disclosed and recognized revenue for unapproved claims in long-term construction projects.

Halliburton settles accounts case
US oil services group Halliburton is to pay $7.5m (4.2m) to settle charges that it failed to disclose a change in its accounting practices during 1998.

US Vice-President Dick Cheney, who ran Halliburton at the time, gave sworn testimony to the inquiry conducted by the Securities and Exchange Commission.

Please visit the link provided for the complete story.



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