Albert ‘Jack’ Stanley, KBR’s former chairman and CEO who once oversaw a $180 million bribery scheme, won’t be sentenced until at least March 30, according to reports.
In September 2008, the engineering and construction company’s ex-boss pleaded guilty to a two-count criminal information charge for violating the Foreign Corrupt Practices Act and conspiracy to commit mail and wire fraud, the DoJ said.
The SEC complaint alleges that Stanley admitted to his wrongdoings and from 1995 to 2004 he assisted a joint venture, TSKJ, made up of KBR and its three partners, to siphon at least $180 million in bribes to Nigerian government officials.
As a result, the joint venture won contracts worth $6 billion, which was used in the construction of natural gas operations in Nigeria.
‘Stanley was sentenced to 84 months in prison and a restitution payment of $10.8 million. The jail term is subject to review based on his cooperation,’ says Richard Cassin, a lawyer and FCPA expert.
‘For anyone keeping score, Stanley’s sentencing was first set for November 2008. It then slipped consecutively to May, August, and October 2009, then to February, May and September 2010, on to January 2011, and now to March 30.’
Cassin added that with Stanley’s help, the federal watchdogs have recovered $1.28 billion in FCPA-related penalties and disgorgement from the TSKJ consortium members; and the final TSKJ partner, JGC Corporation, a Japanese construction firm, noted last week it has set aside around $220 million for an expected settlement with US officials.
In 2009, the Houston-based company reached an agreement to pay a $402 million fine to settle the criminal charges.
