US Vice President Sued over Alleged Company Accounting Fraud

Home>>World

Last updated at: (Beijing Time) Thursday, July 11, 2002

US Vice President Sued over Alleged Company Accounting Fraud

A watchdog group on Wednesday sued US Vice President Dick Cheney and the oil company he once ran,Halliburton Co., alleging that accounting fraud in the company ledto huge shareholder losses.

DISCUSSION

CHINESE

SEND TO FRIEND

A watchdog group on Wednesday sued US Vice President Dick Cheney and the oil company he once ran,Halliburton Co., alleging that accounting fraud in the company ledto huge shareholder losses.

Virginia-based legal group Judicial Watch filed a shareholder lawsuit in a federal court in Dallas, where Halliburton is based, claiming that the company overstated revenues by 445 million dollars from 1999 through the end of 2001.

"Halliburton overstated profits that many American citizens relied upon. That's fraudulent security practices and it resulted in those Americans suffering huge losses," Larry Klayman, chairmanof Judicial Watch, told local reporters in Miami.

Cheney worked as chief executive of Halliburton from 1995 to 2000. The lawsuit also names as defendants Halliburton's directorsand its accounting firm, Andersen.

The lawsuit was filed one day after President George W. Bush called for prison terms for executives who falsify financial statements in a speech delivered at Wall Street to address rampantcorporate frauds.

In response to the lawsuit, White House spokesman Ari Fleischersaid Cheney's office believes "the suit is without merit, and that's where it stands."

The lawsuit was filed on behalf of two Halliburton shareholderswho said they lost "a lot" of money. It did not specify the amountof compensation the plaintiffs are seeking.

Questions?Comments? Click here

Iraq Vows to Foil Hostile US Plans ( 3 Messages)

China to Boost the Service Sector to Create More Jobs ( 105 Messages)

Chinese Satellite TV Hijacked by Falun Gong Cult ( 3 Messages)

Shanghai Plans Asia's Biggest Shopping Center ( 64 Messages)

Ways China's Wealth Flows into the US ( 5 Messages)