Houston: We Still Have a Problem
On May 18,2005, Halliburton will hold its annual shareholders
meeting at the Four Seasons hotel in downtown Houston. Inside, CEO David Lesar
will be congratulating himself on the astonishing $7.1 billion revenue the
company has made off its recent work in Iraq. This number is double what the
company made in the war-torn country the previous year and boosts Halliburton's
overall revenue some 25 percent, bringing it to over $20 billion for 2004.
In a alternative annual report on
the company, released today by CorpWatch, titled "Houston: We Still Have
a Problem," Halliburton's real 2004 track record is revealed. The report details
everything from the company's unwillingness to prevent bribery, fraud, and
corruption within its workforce to its inability to take proper precautions to
protect its employees in Iraq. We also expose the company's attempts to
undermine US government regulations that protect drinking water, and side-step
federal laws meant to prohibit Halliburton from doing business with corrupt and
brutal regimes around the world.
* A dozen investigations are pending against
Halliburton ranging from the Securities and Exchange Commission to the US
Department of Justice.
* Former Halliburton accountants filed a
class action lawsuit in August 2004 alleging "systemic" accounting fraud from
1998 to 2001.
* Allegations of overcharging in Iraq
persist: early in 2004, Halliburton returned $6.3 million to the U.S. military,
admitting that two of the company's employees took kickbacks from a Kuwaiti
company. The company still hasn't repaid the $212.3 million the Defense Contract
Audit Agency says Halliburton overcharged for fuel transportation in Iraq, nor
has it found the millions of dollars in government property it "lost" because of
* Sixty Halliburton employees were killed in
Iraq in 2004. This tragic number is compounded by allegations by victims'
families that say Halliburton misrepresented the true nature of their loved
ones' duties and intentionally placed them in harm's way. These families are now
suing Halliburton in both Texas and California.
Just last week, the US
Army awarded Halliburton's subsidiary company, KBR, with a $72.2 million bonus.
"Why did the Pentagon decide to give Halliburton a $72 million bonus, when its
own auditors have unearthed at least $212.3 million in overcharges by the
company?" asks Pratap Chatterjee, director of CorpWatch. "Houston, We STILL Have
a Problem. Let's have a truly open and transparent investigation into all of
Halliburton's contracts in Iraq before the taxpayer pays another dime to this
For the full
report click here: http://www.corpwatch.org/article.php?id=12259
2006 Alternative Annual Report Press Release
Download 2006 Alternative Annual Report
2004 Alternative Annual Report Press Release
Download 2004 Alternative Annual Report