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Content Requirements in Angola Cost Halliburton More Than $29 Million in SEC Disgorgement and Penalties

Publisher: The Anti-Corruption Report
August 2, 2017

Adam Grant was quoted in an article, "Content Requirements in Angola Cost Halliburton More Than $29 Million in SEC Disgorgement and Penalties," published in The Anti-Corruption Report. The article provides analysis of the SEC's first FCPA settlement of the Trump administration, in which Halliburton has agreed to pay disgorgement and penalties of more than $29 million for books and records and internal controls violations related to a local partner in Angola. Grant told The Anti-Corruption Report that local content laws can be a challenging area of anti-corruption compliance. "These type of local content requirements can be very treacherous," Grant said. The article also reported that under an individual settlement, a $75,000 civil penalty was imposed on a former vice president at the company who circumvented numerous internal controls to close a deal. Grant told The Anti-Corruption Report that the publicized individual settlement "should certainly have a deterrent effect."


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