Halliburton Pays $305K Over Cuba Sanctions Violation

Law360, New York (February 26, 2016, 4:58 PM EST) -- Two Cayman Island subsidiaries of the energy service giant Halliburton Co. agreed to pay $305,000 for working with an Angolan oil and gas consortium whose members include a company owned by the Cuban government, the U.S. Treasury said Thursday.

Halliburton Atlantic Ltd. and Halliburton Overseas Ltd. did nearly $1.2 million in business with the consortium in early 2011 and should have known that the work was illegal because Cuba Petroleo, a state-owned business also called Cupet, held a five-percent stake, the government said. The company said it self-reported the incident that same year as a potential violation of federal Cuban Asset...

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