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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here          Daily Independent Online.         * Monday, August 09, 2004. Halliburton in fresh trouble By Chinedu Offor Correspondent, Washington D.C   Embattled United States oil services giant, Halliburton, is again in another trouble over alleged fraud in its book-keeping practices. The company, famous for its close ties to Vice-President Dick Cheney, is already being investigated over bribery charges in Nigeria and in several other countries. In a new suit filed in the District Court in the city of Dallas, some Halliburton shareholders accused several top officials of "intentionally engaging in serial accounting fraud". The alleged offense covers the period from 1998 to 2001 that includes two years when Mr. Cheney was chief executive officer, but he was not named as a defendant.   Sources said this time, the company is being accused of far more serious charges than those already being prosecuted by the US Securities and Exchange Commission (SEC). Daily Independent learnt that the company last week agreed to pay $8 million to settle the SEC charges that it misled investors by not disclosing an accounting change to increased revenue before the new suit. Specifically, the company is accused of " inflating revenue, failing to disclose a big asbestos verdict in a timely manner, and being unable to account for more than $3.1 billion of profit and cash". “From 1998 to 2001 about $3.1 billion went missing as the company generated $1 billion of profit and $2.1 billion from asset sales, yet ended the period with roughly the same amount of debt and cash as it started with", part of the suit read. The suit also alleged that Kellog Brown and Root (Halliburton's Nigeria engineering and construction subsidiary) inflated results by artificially boosting revenue or under stating expenses.   Named as defendants are former chief operating officer and serving CEO, David Lesar, former chief financial officer Douglas Foshee, another financial officer, Gary Morris and former controller, Robert Muchmore. The company however denied any wrongdoing.  In a statement, it called the suit, "an abusive attempt to extort money from current shareholders and smear the company and its employees".   Halliburton officials said the suit was in violation of a Dallas court ruling that had approved other 20 class action security cases freeing it from liability in other related suits.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected]

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