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For Immediate Release: May 17th, 2005
Contact:  Pratap Chatterjee, +1-202-580-8393, pratap@corpwatch.org

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.

For example:

* 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 mismanagement there.

* 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 company!"

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