A former Halliburton exec has pleaded guilty to being in cahoots with crooked foreign officials. He’s now helping US investigators, and a much wider crackdown is expected to unfold.
In the world of Big Oil, Albert “Jack” Stanley was legendary for winning billion-dollar contracts in Third World countries as the Halliburton (HAL, news, msgs) executive who knew all the secrets of deals in places like Malaysia, Egypt and Yemen.
In the wake of his admission in a guilty plea last week that he had resorted to bribes, kickbacks and high-level corruption to secure deals in Nigeria, however, Stanley now lies at the center of a widening scandal in the oil industry that has implications for corporations and governments across the globe.
Stanley’s case is the first in what federal officials believe will be a string of indictments in coming months against U.S. corporate executives who have participated in bribing foreign officials in recent years.
By agreeing to cooperate with prosecutors, Stanley, who ran KBR ( >>>