Wal-Mart Accused of Violating Foreign Corrupt Practices Act (FCPA)
Wal-Mart Stores, Inc. (WMT), accused of violating Foreign Corrupt Practices Act (FCPA) by the Securities and Exchange Commission (SEC), agreed to pay $144 million to the SEC and $138 million to the Justice Department in order to settle all the criminal and civil claims made by its consultants in Brazil, China, India, and Mexico after years of settlement talks.
The claims against the retail chain giant bribing in Mexico to obtain permits to build stores and win business was launched by the Justice Department after a number of articles emerged in the New York Times claiming bribing activities in Brazil, China, Mexico, and India.
“Walmart valued international growth and cost-cutting over compliance,”, “The company could have avoided many of these problems, but instead Walmart repeatedly failed to take red flags seriously,” stated Charles Cain, chief of the SEC unit that investigates FCPA claims as per reports.
Wal-Mart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Wal-mart U.S., Wal-mart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, and membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.
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