Executive Briefings

Growing Beyond Mexico, Wal-Mart's Internal Probe Into Foreign Corruption Goes Global

Wal-Mart Stores reported that its investigation into violations of a federal anti-bribery law had extended beyond Mexico to China, India and Brazil, some of the retailer's most important international markets.

The disclosure, made in a regulatory filing, suggests Wal-Mart has uncovered evidence into potential violations of the Foreign Corrupt Practices Act, as the fallout continues from a bribery scheme involving the opening of stores in Mexico that was the subject of a New York Times investigation in April.

People with knowledge of the matter described how a relatively routine compliance audit rapidly transformed into a full-blown investigation late last year - involving hundreds of lawyers and three former federal prosecutors - when the company learned that The Times was examining problems with its operations in Mexico.

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The disclosure, made in a regulatory filing, suggests Wal-Mart has uncovered evidence into potential violations of the Foreign Corrupt Practices Act, as the fallout continues from a bribery scheme involving the opening of stores in Mexico that was the subject of a New York Times investigation in April.

People with knowledge of the matter described how a relatively routine compliance audit rapidly transformed into a full-blown investigation late last year - involving hundreds of lawyers and three former federal prosecutors - when the company learned that The Times was examining problems with its operations in Mexico.

Read Full Article