January 26, 2009
The news is just in...
Kellogg Brown & Root (KBR), a subsidiary of the US-Based international conglomerate once headed by former US Vice President Dick Cheney, Haluburton, has reached a tentative agreement with US regulators to pay up to $560 million in fines for multiple charges of bribing NIGERIAN OFFICIALS in connection with various projects. As reported by Sahara Reporters last year, the US Department of Justice and the Securities and Exchange Commission initiated an investigation into bribery charges against former KBR subsidaries operating in various parts of the world, especially in Nigeria. As part of the investigation, Albert "Jack" Stanley, a former chairman and CEO of KBR, pleaded guilty to participating in a bribery scheme whereby up to $180 million was funneled to various Nigerian officials between 1995 and 2004.
Among the projects cited in the plea was the $6 BILLION Bonny Island's Liquified Natural Project jointly conducted with another global entity - Royal Dutch Shell.
Reflecting the scope of the bribery scandal, the $560 million settlement agreement will be the second largest fine ever imposed on a US corporation under the US Foreign Corrupt Practices Act (15 U.S.C. 78). The plea agreement is still subject to approval by the US Department of Justice.
Stay tuned for more updates.
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