On January 26th, Halliburton reached tentative settlement agreements with the Department of Justice and the Securities and Exchange Commission over an investigation into bribery charges against its former KBR subsidary.
Albert "Jack" Stanley, a former chairman and CEO of KBR, pleaded guilty to participating in a joint venture that lasted from 1995 to 2004 which paid $180 million in bribes to government officials in Nigeria order to build a $6 billion dollar liquified natural gas (LNG) plant on Nigeria's Bonny Island. Stanley also received $10.8 million in kickbacks from a consultant who was hired to facilitate LNG contracts around the world.
Stanley, who worked under U.S. Vice President Dick Cheney when he was CEO of Halliburton, was fired in 2004 for violating the company's business code and receiving "improper personal benefits".
