Thursday, February 12, 2009

Update on KBR FCPA Story

In an update to the story posted Monday regarding the charges brought against KBR (Kellogg, Brown & Root, the former Halliburton subsidiary), alleging violations of the Foreign Corrupt Practices Act (FCPA), KBR pled guilty yesterday to five counts of bribing Nigerian officials to obtain government contracts.  KBR also settled a separate civil action brought by the Securities and Exchange Commission.  As part of the plea agreement and settlement, KBR agreed to pay more than $400 million in fines, in addition to paying back $177 million in profits.  Of that amount, only $20 million will be paid by KBR itself; the remaining amounts will be paid by Halliburton.  KBR also agreed to cooperate in ongoing government investigations and employ independent monitors for the next three years.


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