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December 18, 2004
Baker Hughes gets caught in Oil for Food scandal net
Houston-based oil services giant Baker Hughes Inc. announced Thursday that it has received a federal grand jury subpoena and a request from the Securities and Exchange Commission to provide information regarding its participation in the United Nations' oil-for-food program. Here is an earlier post regarding the investigation of other companies and individuals with Houston ties regarding their their involvement in the controversial program.
Among the other companies that have acknowledged receiving subpoenas from the SEC and the grand jury are conglomerate Tyco International Ltd., pharmaceuticals maker Wyeth and Houston-based El Paso Corp. The SEC's probe is parallel to the other investigations, which include an independent U.N. inquiry being headed by former Federal Reserve Chairman Paul Volcker, the federal grand jury in Manhattan and several congressional committees.
The SEC's investigative focus is the same as the other investigations -- whether any of the companies improperly conducted business with Iraq's oil-for-food program that Saddam Hussein operated in a typically corrupt manner. Specifically, the investigations are examining whether companies that issue stock or securities in the U.S. paid illegal kickbacks or bribes to politicians or businessmen to get Iraqi business or dealt with companies that may have committed such violations.
Posted by Tom at December 18, 2004 08:24 AM
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