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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Baker Hughes' Activities in Multiple Countries from 1998 to 2005 · Baker Hughes Inc.

Information & Summary

Investigation into Baker Hughes' Activities in Multiple Countries from 1998 to 2005

Related FCPA Matter:   Baker Hughes' Involvement in Multiple Countries from 1998 to 2005 Information

Information & Summary

Investigation Name:    Investigation into Baker Hughes' Activities in Multiple Countries from 1998 to 2005

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Baker Hughes Incorporated ("Baker Hughes"), headquartered in Houston, Texas, was a global provider of comprehensive oil field services and products which it provided through several subsidiaries and operating divisions. Its common stock was traded on the New York Stock Exchange and the SWX Swiss Exchange.

According to its May 1, 2007 10-Q filing, in 2002, Baker Hughes disclosed that it had been advised of investigations being conducted by both the DOJ and SEC into allegations of violations of law relating to Nigeria and other related matters. The SEC issued a formal order of investigation into possible violations of provisions under the FCPA regarding anti-bribery, books and records and internal controls. The SEC issued subpoenas in connection with the investigations seeking information about operations in Angola and Kazakhstan.

Baker Hughes conducted internal investigations, which identified issues regarding the propriety of certain payments and deficiencies in Baker Hughes’ books and records and internal controls with respect to operations in Angola, Kazakhstan and Nigeria. Baker Hughes cooperated with both agencies’ investigations and shared the results of the internal investigation with those agencies also.

In April, 2007, Baker Hughes entered into a DPA with the SEC and DOJ regarding the agencies’ investigation.

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