Baker Hughes (Oil) Admits to Overseas Bribery

[UpInArms]

Source: New York Times

Baker Hughes, a large oil services company, pleaded guilty yesterday to violating the foreign corrupt practices act by bribing foreign officials, an action that continued even after the company promised in 2001 to stop making such payments.

The criminal charges covered payments to win oil field contracts in Kazakhstan, but the company also settled civil charges filed by the Securities and Exchange Commission accusing it of making illegal payments in five other countries — Angola, Indonesia, Nigeria, Russia and Uzbekistan.

The company agreed to pay $44.1 million in penalties and forfeitures, which the government said was the largest penalty ever for violations of the Foreign Corrupt Practices Act. It also agreed to appoint a monitor to assure that it complied with the law in the future.

<snip>

In an action that was filed on Sept. 12, 2001, and received little attention at the time, Baker Hughes agreed to a cease-and-desist order issued by the S.E.C., which said that it had violated the corrupt practices act by bribing an official in Indonesia.

That cease-and-desist order appeared to have had little impact on the company’s behavior, the S.E.C. action filed Wednesday indicated. It said the payments in Kazakhstan and Angola went on from 1998 to 2003, while those to an agent involved in securing business in Russia and Uzbekistan went on from 1998 to 2004, and payments in Indonesia went on from 2000 to 2003. Payments in Nigeria were made from 2001 to 2005, the S.E.C. said.

Read more: http://www.nytimes.com/2007/04/27/business/worldbusiness/27settle.html?ex=1335326400&en=3de754dd4122acf5&ei=5088&partner=rssnyt&emc=rss

---

free registration or try www.bugmenot.com

[youngdem]

1. Silliness...You cannot do oil deals in the second and third world without bribes

If you don't, you will lose business to the company that will.

The decision makers in these countries are poor and they hold the golden ticket...Does anyone REALLY think that the majority of such decision makers will EVER just do the best deal for their country without considering a bribe that could change his family's fortunes forever?

Pffft. This is silly. WHOEVER wins the contract will have paid bribes and made concessions to those in power. Hamstringing American oil companies from doing this when the rest of the companies can is simply going drive gas prices up when we have to get it from another country's oil company.

[wordpix]

2. so then there may be another reason to make Baker Hughes pay

Could the company have something on BushCo?

[youngdem]

3. Probably forgot to pay their protection money to Cheney and the Cabal

[lovuian]

4. Bingo

yep thats it