Halliburton loses $18.6 million worth of government property in Iraq
27 July 2004
WASHINGTON, July 27 (HalliburtonWatch.org) -- Halliburton's KBR unit lost $18.6 million worth of government property in Iraq because of mismanagement, say government auditors quoted by Bloomberg News. About a third of the government items under Halliburton management in Iraq, including trucks, computers and office furniture have disappeared. Stuart Bowen, auditor for the inspector general of the now-disbanded Coalition Provisional Authority, said 6,975 of 20,531 items on Halliburton's ledgers are unaccounted for. "This occurred because KBR did not effectively manage government property," reported Bloomberg, quoting Bowen. "As a result, we projected that KBR could not account for 6,975 property items from an inventory of 20,531 valued at $61.1 million."