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26-story mixed-use tower planned at Taylor & Fifth in downtown Fort Worth

Jetta Operating Co., a 24-year-old privately held oil and gas company in Fort Worth, and a related entity plan a 26-story mixed-use tower downtown at Taylor and Fifth streets on a site once owned by the Star-Telegram.

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UPDATE: Six candidates file for two Water Board seats

Six candidates have filed for the two open seats on the Tarrant Regional Water Board, setting up a battle that could potentially shift the balance of power on the board and the priorities of one of the largest water districts in Texas.

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Fort Worth breaks ground on $8.6 million South Main renovation

Fort Worth Near Southsiders and city officials broke ground Monday on the 18-month rebuild of South Main Street between Vickery Boulevard and West Magnolia Avenue.

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Body-camera maker has financial ties to former Fort Worth police chief, others

IOWA CITY, Iowa (AP) — Taser International, the stun-gun maker emerging as a leading supplier of body cameras for police, has cultivated financial ties to police chiefs whose departments have bought the recording devices, raising a host of conflict-of-interest questions.

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Fort Worth Police association planning 25,000-square-foot offices

The POA, which recently demolished its one-story building at 904 Collier St. near downtown, is planning a five-story replacement.

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Oilfield company to pay $253M to settle bribe case

WASHINGTON (AP) — The oilfield services company Weatherford International has agreed to pay more than $250 million to settle federal charges that it bribed officials in the Middle East and Africa to win business.

The Securities and Exchange Commission said Tuesday it charged the company with violating U.S. law by offering foreign officials bribes, improper travel and entertainment to win contracts under the United Nations' Oil-for-Food program. Regulators say Weatherford falsified its records to hide these payments as well as other transactions in Cuba, Iran, Syria and countries subject to U.S. sanctions.

The Swiss-based company says it agreed to pay $253 million to settle the charges and other claims against it by the U.S. Department of Justice, the Department of Commerce and other federal agencies.

The pact is subject to court approval.

"This matter is now behind us. We move forward fully committed to a sustainable culture of compliance," said Weatherford CEO Bernard Duroc-Danner, in a statement.

SEC officials said in a release that Weatherford's lack of internal controls led to an environment where employees engaged in bribery and failed to maintain accurate records.

Weatherford staffers used code names like "Dubai across the water" to hide business dealings in Iran, according to the SEC investigation. In other cases the company created bogus accounting and inventory records to hide illegal transactions.

Among other improper payments, the SEC said Weatherford paid for a trip to the 2006 World Cup for two officials from a state-owned Algerian company, a honeymoon for an official's daughter and a religious trip to Saudi Arabia for an official and his family.

Regulators documented the misconduct from at least 2002 to 2011, according to the SEC's complaint filed in federal court in Houston.

"This case demonstrates how loose controls and an anemic compliance environment can foster foreign bribery and fraud by a company's subsidiaries around the globe," ''said Mythili Raman, acting assistant attorney general of the Justice Department's criminal division.

U.S. shares of Weatherford International Ltd. rose 27 cents, or 1.7 percent, to $16.22 in afternoon trading Tuesday. Its shares have risen more than 42 percent so far this year.

 

 

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