It is cooperating with the feds and says Giffen was an official representative of the Kazakh government at the time.
According to the indictment, Mobil agreed to pay Giffen a 5% fee that was understood to be included in the purchase price.
ExxonMobil acknowledges that Mobil, which it bought in 2000, dealt with Giffen.
The federal judge in the case, who had access to secret evidence, did not sentence Giffen to any jail time and called him a hero.
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Unfortunately for Mobil's new owner, a New York grand jury earlier this month indicted both Giffen and the former Mobil executive who dealt with him, J.
It really does take something to make a government bond a Giffen Good, something previously only observed with wheat noodles in North China and rice in South China.
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ExxonMobil (nyse: XOM - news - people ) maintains Giffen was an official representative of the Kazakh government and therefore a legitimate conduit for concession payments.
Mobil was desperate to get into the oil-rich Central Asian nation of Kazakhstan in the early 1990s, and getting into Kazakhstan meant dealing with an American-born fixer named James Giffen .
This applies to everything except Giffen Goods.
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But allegations contained in the 20-page indictment of Giffen and earlier Justice Department memos to Swiss police officials, copies of which were obtained by Forbes, indicate Williams' dealings with Giffen would have raised large questions had they been made public at the time.
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