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Halliburton to pay $7.5 million fine - Energy company failed to report accounting changes
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| Contributor | RP |
| Last Edited | RP Aug 04, 2004 05:36pm |
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| Category | News |
| Media | Newspaper - San Francisco Chronicle |
| News Date | Wednesday, August 4, 2004 06:00:00 AM UTC0:0 |
| Description | Halliburton Co. secretly changed its accounting practices when Vice President Dick Cheney was its chief executive officer, the Securities and Exchange Commission said Tuesday as it fined the company $7.5 million and brought actions against two former financial officials.
The commission said the accounting change enabled Halliburton, one of the nation's largest energy services companies, to report annual earnings in 1998 that were 46 percent higher than they would have been had the change not been made. It also allowed the company to report a substantially higher profit in 1999, the commission said. |
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