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Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


FCPA Blog Daily News

« DOJ Tosses Aguilar's Conviction, Pending Appeal | Main | Navigating A World Of Conflicts »
Monday
Dec122011

Walmart Joins Our Corporate Investigations List

Walmart last week disclosed in its latest SEC filing an internal investigation into possible violations of the Foreign Corrupt Practices Act.

The world's biggest retailer said the investigation began after information was discovered during a compliance review, and 'from other sources,' which may mean one or more whistleblowers.

The company didn't say where the bribes might have occurred, who received them, or the amounts involved.

Walmart 'voluntarily disclosed its internal investigation to the U.S. Department of Justice and the Securities and Exchange Commission,' the disclosure said.

Bentonville, Arkansas-based Walmart operates stores in the United States and Puerto Rico, as well as in Argentina, Brazil, Canada, Chile, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, the United Kingdom, China, and India.

It has about 2,000,000 employees. Revenue last year was $440 billion.

Wal-Mart Stores, Inc. trades on the NYSE under the symbol WMT.

Our corporate investigations list (January 2012) is here.

_________________

Walmart's full FCPA disclosure in its Form 10-Q filed on December 08, 2011 said:

During fiscal 2012, the Company began conducting a voluntary internal review of its policies, procedures and internal controls pertaining to its global anti-corruption compliance program. As a result of information obtained during that review and from other sources, the Company has begun an internal investigation into whether certain matters, including permitting, licensing and inspections, were in compliance with the U.S. Foreign Corrupt Practices Act. The Company has engaged outside counsel and other advisors to assist in the review of these matters and has implemented, and is continuing to implement, appropriate remedial measures. The Company has voluntarily disclosed its internal investigation to the U.S. Department of Justice and the Securities and Exchange Commission. We cannot reasonably estimate the potential liability, if any, related to these matters. However, based on the facts currently known, we do not believe that these matters will have a material adverse effect on our business, financial condition, results of operations or cash flows.

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