Baker Hughes Inc.

Houston, TX: (Apr-26-07) The US Department of Justice and the Securities and Exchange Commission filed charges against Baker Hughes Inc., alleging that the investigations carried out by these agencies in 2002-3 revealed violations in Baker Hughes' operations in Angola, Kazakhstan and Nigeria. In a settlement reached with the DOJ and SEC, a subsidiary of the company pled guilty to violations of the Foreign Corrupt Practices Act (FCPA) as a result of payments made between 2001 and 2003 to a commercial agent retained in 2000 in connection with a project in Kazakhstan. The company entered into a deferred prosecution agreement with the DOJ, under which the government will not further prosecute the company for these activities if the company meets the conditions of the agreement for two years. The company will hire a government-approved monitor to oversee its compliance activities for a three-year period. Baker Hughes also agreed to pay $44.1 million to settle investigations. [PR NEWSWIRE: FOREIGN CORRUPT]

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Published on May-1-07