Corp-Ethics.com - Report: Halliburton Iran deals under fire

Company	Halliburton [Company Info]
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Date	Issue	Title
20th Jul 2004	Questionable Practice	Halliburton Iran deals under fire

Report

Halliburton, in trouble over alleged over-charging for Iraq contracts, is being probed for its deals in Iran.

A US grand jury has demanded documents relating to contracts in Iran - subject to US sanctions - by a Halliburton subsidiary based in the Cayman Islands.

The firm, which used to be run by US Vice-President Dick Cheney, said it was certain the deals were legal.

Another unit, KBR, is being probed over Iraq, while other investigations are examining deals in Nigeria.

KBR ex-chairman Jack Stanley had his consultancy contract with Halliburton torn up last month as a result of the Nigeria affair, which is under review by the US stock market regulator.

The Iran investigation is now with the Justice Department, having started in the US Treasury's Office of Foreign Assets Control - responsible for enforcing sanctions - in 2001.

Halliburton's Iran dealings constitute only a tiny fraction of its overall finances - about 0.5% of its $16.3bn 2003 turnover, according to the most recent annual report.

The multi-billion dollar Iraq contracts under scrutiny after allegations of sweetheart deals and overcharging are worth much more.

And Halliburton is at pains to say that its Caymans subsidiary, Halliburton Products and Services Ltd, was operating in compliance with the relevant laws and rules.

But the probe comes as the use of offshore "tax havens" by large US corporations risks becoming an election issue.

Politicians from across the party divide in the US have spoken out against firms which get government contracts despite being headquartered overseas for tax reasons.

Financial scandals such as Enron, Worldcom and Parmalat centred on the use of the Caymans and other subsidiaries to hide losses.

Halliburton came under fire earlier this month for the Iran deals, with critics charging that they abused the spirit - if not the letter - of sanctions banning US firms from working in Iran.

Other Reports on Halliburton
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12th Jul 2006	Other Issue	Halliburton	US Army to end Halliburton deal
24th Mar 2006	Fraud Investigation	Halliburton	Ex-Halliburton staff in Saudi kickback
23rd Aug 2005	Other Issue	Halliburton	Halliburton worker admits bribes
15th Mar 2005	Other Issue	Halliburton	Halliburton in $108m Iraq probe
4th Dec 2004	Other Issue	Halliburton	Halliburton asbestos deal 'final'
25th Nov 2004	Other Issue	Halliburton	Halliburton faces 'payment cut'
29th Oct 2004	Fraud Investigation	Halliburton	FBI 'studying Halliburton deals'
15th Oct 2004	Questionable Practice	Halliburton	US agrees to Halliburton inquiry
21st Sep 2004	Questionable Practice	Halliburton	Halliburton hit with Nigeria ban
17th Aug 2004	Other Issue	Halliburton	US Army suspends Halliburton decision
3rd Aug 2004	Fraud Investigation	Halliburton	Halliburton settles accounts case
19th Jun 2004	Other Issue	Halliburton	Halliburton cuts off KBR ex-boss
19th May 2004	Questionable Practice	Halliburton	Pentagon suspends Halliburton payments
10th May 2004	Questionable Practice	Halliburton	Halliburton seeks to settle Asbestos Liability
17th Mar 2004	Other Issue	Halliburton	US to withhold Halliburton bills
17th Dec 2003	Questionable Practice	Halliburton	Halliburton bankrupts own units
12th Dec 2003	Questionable Practice	Halliburton	Halliburton Questioned regarding Iran
22nd Nov 2003	Fraud Investigation	Halliburton	Halliburton in Iraq fuel costs row
15th Jun 2003	Fraud Investigation	Halliburton	Nigeria Fraud Investigation
13th Jun 2003	Questionable Practice	Halliburton	Halliburton awarded US military contact

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