Devon, Hess, ChevronTexaco, ExxonMobil in Riggs-Related SEC Probe

[seemslikeadream]

Aug 9, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Amerada Hess (AHC), ChevronTexaco (NYSE: CHV), Devon Energy (DVN), Exxon Mobil (XOM) and are among oil companies being investigated by the U.S. Securities and Exchange Commission for possible improper payments to officials in Equatorial Guinea.

The inquiry is being conducted in Forth Worth.

Another oil company in the probe is Marathon (MRO).

The probe resulted from findings by U.S. Senate investigators into transactions at Riggs National Corp. (RIGS).

Making payments to officials of a West African country on the State Department's watch list for human rights abuses, would run the companies afoul of the Foreign Corrupt Practices Act.

Each of the companies have denied anything improper occurred.

Devon Energy, of Oklahoma City, said to be the fourth largest oil company in the U.S., only recently acquired interests in the region upon the acquisition of Ocean Energy.

"We make every effort to conduct our business in a lawful and ethical manner and we have controls in place to prevent violations" an executive of the company was quoted as saying. "Recognizing that we recently acquired many of our international operations, including Equatorial Guinea, it is impossible to know everything that went on prior to our involvement. However, we are applying our standards and business practices to the operations acquired." At issue were payments made into Riggs for tuition for students, many of whom were found to be children or relatives of government officials.

Equatorial Guinea was Riggs largest customer, with some $700 million in accounts for the government, officials and relatives.

more
http://www.investors.com/breakingnews.asp?journalid=22565489&brk=1

[Nambe]

1. The inquiry is being conducted in Fort Worth.

That is not good. You could fine them hundreds of million$ and they would still be in the green for the week with the profits they are showing now.

[Moderator]

2. seemslikeadream

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