Baker Hughes
Baker Hughes is a Texas-based oil and gas industry services company that operates in 90 countries around the world. [1]
Contents
Settling U.S. Bribery Investigations
In April 2007 Baker Hughes announced that it had paid $44.1 million to settle investigations by the United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) into the company's operations in Angola, Kazakhstan and Nigeria. [2] In its statement the company announced that:
- a company subsidiary "pled guilty to violations of the Foreign Corrupt Practices Act (FCPA) as a result of payments made between 2001 and 2003 to a commercial agent retained in 2000 in connection with a project in Kazakhstan";
- "The company agreed with the SEC to the entry of a Consent Judgment charging violations of the anti-bribery provisions of the FCPA arising from the engagement of agents to obtain contracts in Kazakhstan. The Consent Judgment also charges violations of the books-and-records and internal-controls provisions, and the terms of a September 12, 2001 cease-and-desist order, arising from these and other activities in Kazakhstan, Angola, Nigeria, Indonesia, Russia, and Uzbekistan." [3]
Radio Free Europe reported that a quarter of the fine related to Baker Hughes' activities "developing the huge Karachaganak natural-gas field in northern Kazakhstan" and the the court was told the company had "paid $4.1 million in bribes from 2001-03 to an intermediary, who in turn transferred money to a high-level executive of KazakhOil, the state oil company at the time. Additionally, the complaint says, in the period of 1998-99, kickbacks of more than $1 million were paid to a KazTransOil executive." [4]
Contact Details
Web:http://www.bakerhughesdirect.com
Other SourceWatch Resources
References
- ↑ "About Baker Hughes", accessed May 2007.
- ↑ "Baker Hughes Settles Previously Disclosed FCPA Investigations", Media Release, April 26, 2007.
- ↑ "Baker Hughes Settles Previously Disclosed FCPA Investigations", Media Release, April 26, 2007.
- ↑ Nikola Krastev, "Kazakhstan: U.S. Firm Pleads Guilty In Bribery Case", Radio Free Europe, April 30, 2007.
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