US President Defends Cheney's Business Record

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Last updated at: (Beijing Time) Thursday, July 18, 2002

US President Defends Cheney's Business Record

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US President George W Bush defended Vice President Dick Cheney's business record Wednesday, saying he was confident that the investigation by the Securities and Exchange Commission (SEC) into Halliburton Co.'s accounting practices would clear the vice president.

"That matter will run its course...and facts will come out at some time," Bush said, referring to SEC's investigation into the Dallas-based Halliburton Co. when Cheney was its chief executive from 1995 to 2000.

When asked whether he was confident that Cheney did nothing wrong, "Yes, I am," Bush said at a White House news conference with Polish President Aleksander Kwasniewski.

"I've got great confidence in the vice president. When I pickedhim, I knew he was a fine business leader and a fine experienced man," Bush added.

Last week, a watchdog group sued Dick Cheney and the oil company he once ran, Halliburton Co., alleging that accounting fraud in the company led to huge shareholder losses.

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

The SEC is investigating how the company accounted for cost overruns on construction jobs.

Congressional Democrats have said they may hold congressional hearings into the oil company's accounting when Cheney was chief executive.

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