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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here       Daily Independent Online.         * Friday, August 13, 2004. Pentagon faults Halliburton over jobs in Iraq, Kuwait By Chinedu Offor Correspondent Washington D.C   Embattled oil services giant, Halliburton, is once again in the news on a negative platform. Auditors at the American defense ministry known as the Pentagon accused the firm of failure to justify payments for more than $1.8 billion of work in Iraq and Kuwait. Halliburton, formerly headed by Vice-President Dick Cheney, is currently facing investigations over questionable finance practice and bribery in several countries including Nigeria. The report contained in a 60-page report that has not been made public is the latest in a series of financial improprieties levelled against the firm. It was learnt that the amount under bribe represents 43 percent of $4.18 billion the company billed the Pentagon to feed and house American troops in operational areas in the Middle East. Sources said pressure is now mounting on the Bush administration to withhold millions of dollars in payment to Halliburton until it can explain the discrepancies.  The company is also active in re-building Iraq but the contract could be in jeopardy.  United States army officials have reportedly giving Halliburton a two-week ultimatum to provide necessary cost information for its work in Iraq to justify the demand for payments.  Company officials are however asking for more time to provide the required documents. Withholding an estimated $600million in current payments would severely affect the finances of the company. Shareholders fear that a liquidity squeeze could lead the company to go into bankruptcy and company executives are reportedly lobbying the administration to intervene. In a statement sent to the Pentagon, Halliburton said, " any move by the Pentagon to withhold substantial payments or demand refunds could materially and adversely affect our liquidity".       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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