Halliburton investigating operations in Iraq, Angola

7/30/2012

Halliburton investigating operations in Iraq, Angola

BY ALISON SIDER

HOUSTON--Halliburton Co. has launched an internal investigation into payments made to third parties in Angola and Iraq relating to customs and visa issues, according to a filing with the Securities & Exchange Commission Friday.

The company told the Department of Justice and the SEC about its investigation during the second quarter, while meeting with the agencies to discuss an unrelated investigation into possible violations of U.S. business and bribery laws.

That investigation stems from an anonymous email received in 2010, which alleges current and former Halliburton employees had violated the Code of Business Conduct and the Foreign Corrupt Practices Act through the use of an Angolan vendor. The email also alleges conflicts of interest, self-dealing and the failure to act on alleged violations, according to Halliburton's 2011 annual report.

Halliburton said in its Friday filing it had provided documents to the SEC in response to a subpoena in the matter and will continue to cooperate with the government's requests.

The company said it has engaged outside counsel and forensic accountants.

"Because these investigations are ongoing, we cannot predict their outcome or the consequences thereof," the company wrote in its filing.

Halliburton said it wouldn't comment on the investigation beyond what was in the disclosures.

Dow Jones Newswires

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