Dionne Searcey of the Wall Street Journal has a pretty good piece here on the recent upswing in Foreign Corrupt Practices Act (”FCPA”) enforcement by DOJ. The story, however, incorrectly leaves the impression that FCPA was a little-used statute that has been taken down from the shelf and “dusted off” to the surprise of corporate America. This is not the case. The great majority of public companies who do business overseas have had FCPA compliance programs for years. The law has always been a pain for U.S. businesses to deal with, since it prevents virtually all bribes and gratuities paid to foreign governments in order to obtain or keep business.
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According to the Reuters story, carried here in the Washington Post, the agreement to pay $559 million in fines is related to long-running bribery of Nigerian officials by KBR Inc. executives in connection with a Nigerian gas liquefication project. KBR Inc. was a Halliburton subsidiary during the relevant time period. The WSJ reports here that it is currently unknown whether Halliburton will have to admit to bribery and FCPA (Foreign Corrupt Practices Act) violations as part of what looks like a global settlement. The deal still awaits final DOJ approval.