BHP Billiton Worried Over Corruption Charges

Mining company BHP Billiton has released a statement late Friday saying that it may face “enforcement actions” as the US Department of Justice, as well as the US Securities and Exchange Commission, have been holding a series of investigations into alleged corruption charges.

The company said, “As a part of the US process, the SEC and DOJ have recently notified the Group of the issues they consider could form the basis of enforcement actions, and discussions are continuing.”

“The issues relate primarily to matters in connection with previously terminated exploration and development efforts, as well as hospitality provided as part of the company’s sponsorship of the 2008 Beijing Olympics.”

The corruption, according to news sources, has been happening for a long time and was first reported by Fairfax Media.

BHP was cooperative with the inquiry years ago, and even handed over supposed evidence that proved its violations and interactions with government officials. But BHP remained confident that they complied with all “applicable laws” during the Olympics.

Further probing revealed the company may have also tried securing assets in Cambodia and engage in illegal activities in Western Australia, where officials of the federal government may also be investigated soon.

In light of recent developments, BHP affirms their cooperation saying, “BHP Billiton is fully committed to operating with integrity and the Group’s policies specifically prohibit engaging in unethical conduct.”

“BHP Billiton has what it considers to be a world class anti-corruption compliance program.”

Stocks for the company fell to 6¢ on the market yesterday, closing at $36.87.