Halliburton Co. has agreed to pay a $559 million fine to end an investigation of its former KBR Inc. unit for charges of bribery. Reuters reports that the the DOJ and the SEC must still provide final approval of the settlement, the largest penalty against a U.S. company for charges of bribery under federal law. The goverment claims that KBR violated the Foreign Corrupt Practices Act by paying kickbacks to Nigerian officials.
Under the settlement, Halliburton would pay $382 million to the DOJ and $177 million to the SEC in “disgorgement,” Reuters reports. In December, German engineering conglomerate Siemens paid $800 million, the largest FCPA settlement ever, to U.S. officials to settle claims that it violated the FCPA.