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Wal-Mart starts corruption inquiries in India, Brazil, China

Firm already being probed on whether it bribed Mexican officials to open stores there more quickly
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First Published: Thu, Nov 15 2012. 08 03 PM IST
A file photo of a Wal-Mart outlet in Beijing. Photo: AFP
A file photo of a Wal-Mart outlet in Beijing. Photo: AFP
Updated: Thu, Nov 15 2012. 08 25 PM IST
New York: Wal-Mart Stores Inc. started inquiries into potential violations of the Foreign Corrupt Practices Act (FCPA) at operations in Brazil, India and China, adding to its probe of bribery allegations in Mexico.
The board’s audit committee and the company identified or became aware of the possible FCPA violations since starting a global review of its compliance programmes, Bentonville, Arkansas- based Wal-Mart said on Thursday in a filing with the US Securities and Exchange Commission (SEC). The new inquiries aren’t limited to those countries, Wal-Mart said.
The new probes come as the US Department of Justice (DoJ) and the SEC investigate allegations that Wal-Mart systematically bribed Mexican officials so it could more quickly open stores in the country. Federal and local government agencies in Mexico also are involved in investigations of those matters. Wal-Mart said in Thursday’s filing that it is cooperating with the probes.
Several of Wal-Mart’s shareholders have filed lawsuits against the company, current and former directors and officers and past and present officers of the Walmex unit.
Wal-Mart said the costs of responding to investigations by the DoJ and SEC as well as defending itself from lawsuits and conducting its own probe were $99 million in the nine months ended 31 October. Bloomberg
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First Published: Thu, Nov 15 2012. 08 03 PM IST
More Topics: wal-mart | india | china | brazil | corruption |
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