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Baker Hughes to pay record settlement

Baker Hughes to pay record settlement

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HOUSTON - A subsidiary of oilfield contractor Baker Hughes Inc. agreed to pay more than $44 million in combined fines and penalties for bribing officials with Kazakhstan's national oil company in order to get a contract, the Justice Department announced Thursday.

The fines and penalties by Baker Hughes Services International Inc., a wholly owned subsidiary of Baker Hughes Inc., is the largest monetary sanction ever imposed in such a case, officials said.

Chad Deaton, chairman and chief executive officer of Baker Hughes, said the employees and commercial agents who are thought to be directly involved in these acts have been fired.

The company had previously disclosed that it was in talks with government officials to settle cases involving improper payments in Kazakhstan, as well as at operations in Angola and Nigeria.

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