("Halliburton, KBR Finalize $579M Settlement In Bribery Probe" published at 2:57 p.m. EST incorrectly stated in the first paragraph the amount of the settlement. The correct version follows.) 
 
    DOW JONES NEWSWIRES

A KBR Inc. (KBR) unit has agreed to plead guilty to violating the Federal Corrupt Practices Act for bribing Nigerian government officials for a decade-long span to obtain $6 billion in contracts as the company and former parent Halliburton Co. (HAL) finalized a $579 million settlement of federal corruption charges.

The Securities and Exchange Commission had also alleged Halliburton engaged in accounting and internal controls violations in relation to the case.

The deal was announced last month, with the total settlement amount then put at $559 million. The payments smash the prior record in a bribery investigation.

As part of the settlement, the federal government agreed not to prosecute Halliburton as part of the bribery scheme but the company agreed to be jointly liable with KBR. The company had indemnified KBR from fines or other penalties prior its 2006 spinoff.

The KBR unit, Kellogg Brown & Root LLC, will pay a $382 million to settle the allegations by the Securities and Exchange Commission and Justice Department, with KBR paying $20 million. Halliburton's cost is $177 million.

The SEC alleged that the chief executive of KBR's predecessor companies, Albert Stanley, met with high-ranking Nigerian officials at least four times to arrange bribe payments in return for construction contracts. To conceal the payments, it entered what the SEC called "sham contracts" with two agents to send money to the Nigerian officials.

Stanley pleaded guilty to bribery and related charges in September, and reached a settlement with the SEC under which he faces seven years in prison and payment of $10.8 million in fines.

The SEC alleged that Halliburton failed to come up with adequate controls to govern such practices, and that as a result of the scheme, Halliburton records contained false information relating to the payments.

KBR's shares were recently down 2.7% at $14.47 and Halliburton's were up 3 cents at $18.36.

-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com