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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 10:07 PM
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Wal-Mart Discloses a Corruption Probe
Source: Wall Street Journal

By MIGUEL BUSTILLO And JOE PALAZZOLO

Wal-Mart Stores Inc. has begun an internal investigation into whether some of its workers violated the Foreign Corrupt Practices Act, the U.S. law that prohibits bribery overseas.

The world's largest retailer said in a regulatory filing with the Securities and Exchange Commission Thursday that it had discovered some potential improprieties as part of an internal review begun earlier this year of how it was complying with the law. The company said it had hired outside lawyers and advisors to assist with its review.

It did not reveal any details, including which country the potential violations occurred, and whether they constituted potential bribery, only saying that they pertained to "permitting, licensing and inspections."

The Bentonville, Ark., company said it could not yet estimate the potential financial liability involved but that it would be immaterial to the company, which reported $419 billion in revenue last year.

Read more: http://online.wsj.com/article/SB10001424052970203501304...




Reuters

Wal-Mart has notified the SEC and Justice Department of its probe.
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wordpix Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 10:33 PM
Response to Original message
1. so whatever the violations & liabilities, Walmart is sure they won't hurt its bottom line because
it's got enough politicians in its pockets?
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 12:18 PM
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2. k&r Thank you Steve. eom.
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jpak Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 01:10 PM
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3. Wal-Mart reveals probe of possible overseas bribes
Source: CNN

NEW YORK (CNNMoney) -- Wal-Mart Stores, the world's largest retailer, says it's investigating whether its workers violated international bribery laws.

In a Securities and Exchange Commission filing Thursday, Wal-Mart (WMT, Fortune 500) disclosed a probe into whether its workers violated the U.S. Foreign Corrupt Practices Act that prohibits giving bribes to international officials. The retailer said the possible bribes pertained to such matters as obtaining permits and licenses, as well as to inspections.

"We are committed to having a strong and effective global anti-corruption program and have had anti-corruption policies in place for many years," said David Tovar, a Wal-Mart spokesman, in an e-mailed statement. "We expect every associate to act in a responsible manner and comply with all laws."

Though it did not reveal specific details regarding which countries or individuals were involved, Wal-Mart said it initiated the probe after discovering information during an internal review and through outside sources.

Read more: http://money.cnn.com/2011/12/09/news/companies/Walmart_... /
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SoapBox Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 01:10 PM
Response to Reply #3
4. Just too delicious...
Edited on Fri Dec-09-11 12:47 PM by SoapBox
Crooked...Crooked...Crooked.

Payroll scandals...monsterously anti-union...bullies the vendors...and now, add some bribery.

All why I have never and never, EVER, buy anything from Walmart.

Bet old man Walton is rolling, SPINNING, in the grave.
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SnowCritter Donating Member (192 posts) Send PM | Profile | Ignore Fri Dec-09-11 01:10 PM
Response to Reply #3
5. Workers?
I doubt very much that it was "workers" who would have bribed international officials. I think that would take someone in a management position.
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