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Halliburton moving Corporate Headquarters...
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| ResonantDrag |
to Dubai????
| quote: | Halliburton's Dubai Move Sparks Outcry
Members Of Congress Criticize Move As Insult To U.S. Soldiers And Taxpayers
DUBAI, United Arab Emirates, March 12, 2007
(CBS/AP) U.S. oil services firm Halliburton Co. is shifting its corporate headquarters and chief executive from Houston to Dubai in a move that immediately sparked criticism from U.S. members of Congress.
Halliburton Chief Executive Dave Lesar, speaking at an energy conference in nearby Bahrain, said he will relocate to Dubai from Texas to oversee Halliburton's intensified focus on business in the Mideast and energy-hungry Asia, home to some of the world's most important oil and gas markets.
"Halliburton is opening its corporate headquarters in Dubai while maintaining a corporate office in Houston," spokeswoman Cathy Mann said. "The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE."
Sen. Patrick Leahy, D-Vt., called the decision to move as "an example of corporate greed at its worst."
"This is an insult to the U.S. soldiers and taxpayers who paid the tab for their no-bid contracts and endured their overcharges for all these years," Leahy said in a statement.
"At the same time they'll be avoiding U.S. taxes, I'm sure they won't stop insisting on taking their profits in cold hard U.S. cash," Leahy said.
Rep. Henry Waxman, chairman of the House Oversight and Government Reform Committee, is already planning a hearing on Halliburton's move, Time Magazine reports online.
Lesar's announcement appears to signal one of the highest-profile moves by a U.S. corporate leader to Dubai.
"As the CEO, I'm responsible for the global business of Halliburton in both hemispheres, and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world," Lesar said. "Yes, I will spend the majority of my time in Dubai."
Dubai is an Arab boomtown, where free-market capitalism has been paired with some of the world's most liberal tax, investment and residency laws.
"The Eastern Hemisphere is a market that is more heavily weighted toward oil exploration and production opportunities and growing our business here will bring more balance to Halliburton's overall portfolio," Lesar said.
In 2006, Halliburton — once headed by Vice President Dick Cheney — earned profits of $2.3 billion on revenues of $22.6 billion.
More than 38 percent of Halliburton's $13 billion oil field services revenue last year stemmed from sources in the Eastern Hemisphere, where the firm has 16,000 of its 45,000 employees.
Cheney was Halliburton's chief executive from 1995-2000, and the Bush administration has been accused of favoring the conglomerate with lucrative no-bid contracts in Iraq.
Federal investigators last month alleged Halliburton was responsible for $2.7 billion of the $10 billion in contractor waste and overcharging in Iraq.
Halliburton last month announced a 40-percent decline in fourth-quarter profit, despite heavy demand for its oil field equipment and personnel.
© MMVII, CBS Interactive, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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http://www.cbsnews.com/stories/2007...tr=HOME_2558620
i started to touch on this in another thread, and then noticed that no one had posted it yet.
great, take the money and run boys. |
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| spiflicated |
See response from Senator Lautenberg regarding possible investigations into whether this move would allow Halliburton to circumvent US laws against dealings with Iran.
| quote: | In response to the announcement that Halliburton's CEO is moving the company's headquarters to Dubai, United Arab Emirates, U.S. Senator Frank R. Lautenberg (D-NJ) called on the Treasury Department to make sure Halliburton's move is not part of a larger effort to increase Halliburton's business with Iran by evading current U.S. sanctions laws prohibiting any U.S. company from doing business with terrorist states.
Under current U.S. terror sanctions law, U.S. companies are prohibited from doing business with certain terrorist nations. However, the law contains a loophole that allows foreign subsidiaries of U.S. companies to do business with terrorist states. Senator Lautenberg authored legislation in the last Congress that would have extended the reach of sanctions laws to the foreign subsidiaries of U.S. companies. The measure failed by one vote, but Lautenberg plans to reintroduce the legislation this year.
In recent years the U.S. Department of Treasury's Office of Foreign Asset Control (OFAC) and the United States Attorney for the Southern District of Texas has investigated Halliburton's business with Iran through its foreign subsidiary, Halliburton Products & Services, Ltd (HPSL). These investigations have all focused on whether Halliburton has violated U.S. terror sanctions law by using HPSL as a front company to do business with Iran.
"Halliburton has gone to extraordinary lengths in the past to do business with the terrorist government in Iran," said Senator Lautenberg. "Given Halliburton's past dealings with Iran, the company's odd announcement this week certainly sets off alarm bells about its intention to do business with state sponsors of terrorism. When it comes to Halliburton we can't trust, and we need to verify." |
http://rawstory.com/news/2007/Senat...nt_to_0312.html |
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| Fir3start3r |
Why not?
I imagine the taxes are probably a lot better there.
It's pretty obvious otherwise they wouldn't be moving.
On a side note, isn't that a good thing anyways?
I thought everyone hated them down there? :conf: |
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| Dopey |
| Seems fitting... some comedian did a funny bit on Dubai being the baby of Las Vegas and Saudi Arabia. :stongue: |
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| Krypton |
| Simply capitalism at work. |
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| Purple |
| This will be start of a new trend.. just like offshoring/outsourcing work to cheaper area's/workers like to India (in case of Service Sector) and China (in case of Manufacturing sector).. now companies will start moving offices to cheaper places with equal/or better infrastructure.. |
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| Shakka |
| Why doesn't Bermuda get any love??? |
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| Fir3start3r |
| quote: | Originally posted by Shakka
Why doesn't Bermuda get any love??? |
Does anybody actually work in Bermuda? ;) |
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| Shakka |
| quote: | Originally posted by Fir3start3r
Does anybody actually work in Bermuda? ;) |
Yes. Some work on their tans while others work on their handicap. And of course someone has to work behind the bar!;) |
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