Weatherford probing improper payments |
|
|
|
Published
:
Sat, 01 Dec 2007 00:25
|
NEW YORK (AP) - Weatherford International Ltd., an oilfield service company under federal scrutiny for its role in the United Nations oil-for-food program, said Friday it is investigating possible improper payments to European government officials earlier this decade.In light of the U.S. government probe, the company also said it has directed its foreign subsidiaries to stop doing business with countries under U.S. sanctions, including Cuba, Iran, Sudan and Syria. Weatherford said it stopped agreeing to new contracts with those countries in September and is in the process of discontinuing its existing business in those countries.Weatherford made the disclosures in a filing with the Securities and Exchange Commission. It said last month that it was under investigation by and cooperating with the SEC, Justice Department, the Department of Commerce, and the Bureau of Industry & Security.In Friday's filing, the company said it was conducting an internal investigation into the embezzlement of about $175,000 at a European subsidiary and 'the possible improper use of these funds, including possible payments to government officials in Europe, during the period from 2000 to 2004.'The oil-for-food program, which ran from 1995 to 2003, was set up to allow Iraq, then under U.N. sanctions, to export oil in exchange for food and other humanitarian goods. The program became corrupted when Iraqi officials began demanding illegal surcharges in return for oil contracts.Weatherford shares jumped $1.39, or 2.2 percent, to $64.01 in after-hours trading. The stock lost $1.39 to close at $62.62 during the regular session.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Weatherford International shares rise as 3Q profits edge estimates 