SEC Charges KBR and Halliburton for Foreign Corrupt Practices Act Violations

by Sabrina I. Pacifici on February 11, 2009

News release: “The Securities and Exchange Commission today announced settlements with KBR, Inc. and Halliburton Co. to resolve SEC charges that KBR subsidiary Kellogg Brown & Root LLC bribed Nigerian government officials over a 10-year period, in violation of the Foreign Corrupt Practices Act (FCPA), in order to obtain construction contracts. The SEC also charged that KBR and Halliburton, KBR’s former parent company, engaged in books and records violations and internal controls violations related to the bribery. KBR and Halliburton have agreed to pay $177 million in disgorgement to settle the SEC’s charges. Kellogg Brown & Root LLC has agreed to pay a $402 million fine to settle parallel criminal charges brought today by the U.S. Department of Justice. The sanctions represent the largest combined settlement ever paid by U.S. companies since the FCPA’s inception.”

  • Litigation Release No. 20897

  • SEC Complaint
  • DOJ news release: Kellogg Brown & Root LLC Pleads Guilty to Foreign Bribery Charges and Agrees to Pay $402 Million Criminal Fine
  • via FCPA Blog – Download a copy of KBR’s criminal information here.
  • Download a copy of the DOJ/KBR Joint Motion to Waive Presentence Investigation here.

Previous post:

Next post: