BHP Billiton Likely Close to Settling U.S. Led Probe

BHP Billiton Ltd. said it may be close to resolving a U.S.-led investigation into possible violations of anticorruption laws, some of which relate to the mining company's sponsorship of the 2008 Olympics in Beijing.

"The group is currently discussing a potential resolution of the matter, " BHP said in its annual report. "It is not appropriate at this stage for BHP Billiton to predict outcomes."

A spokesman wouldn't comment further.

After receiving requests for information from the U.S. Securities and Exchange Commission in August 2009, the company conducted an internal investigation that found evidence of possible violations of anticorruption laws involving interactions with government officials.

BHP said the investigation related primarily to previously-terminated exploration and development projects and "hospitality" provided as part of its Olympic Games sponsorship.

The Australian Federal Police have also been investigating the matter. "The group continues to fully cooperate with the relevant authorities," BHP said in its report.

BHP, the world's No. 1 miner by market value, has previously defended itself. "We believe our Olympics activities complied with all applicable law," it said in a statement last year.

Write to Rhiannon Hoyle at [e-mail]

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