Oxy Under SEC Probe for Possible Bribery

Occidental Petroleum Corp. said it is the subject of a Securities and Exchange Commission investigation into whether company payments to overseas consultants were used to bribe foreign government officials. The Los Angeles-based oil and gas producer “has been informed by the SEC that it is conducting a private, formal investigation into the matters that were the subject” of a company inquiry reported in a Wall Street Journal article, an Occidental 8-K filing with the SEC said. The newspaper reported May 12 that Occidental lawyers were looking at whether the company overpaid some foreign middlemen or whether any funds were used for bribes. These lawyers have looked at records of Occidental’s business with government agencies and businessmen in Russia, Malaysia, Yemen, the Congo, Qatar and Bangladesh, the Journal reported, citing people familiar with the matter. Occidental, in its filing, said, “Other agencies may also seek information on the internal inquiry.” It did not identify the other agencies. “[Occidental] is cooperating with the SEC in its conduct of this investigation,” the filing said. Occidental, in response to its internal query, implemented stricter controls on overseas payments. Both Occidental and the SEC declined comment.