Wal-Mart said Thursday it spent $73 million on FCPA-related expenses during the first quarter of 2013. It had budgeted $40 million to $45 million.
Entries in Investigations (45)
Microsoft Corporation on Tuesday responded to a Wall Street Journal report that the DOJ and SEC are investigating a whistleblower complaint about alleged bribes by business partners to officials in Italy, Romania, and China.
Illinois-based spirits maker Beam Inc. said this week it is 'reasonably possible that [FCPA] liabilities could have a material impact on . . . results of operations, cash flows or financial condition.'
The biggest operator of shopping malls in the United States said it received a subpoena from the SEC in connection with the ongoing FCPA investigation of Wal-Mart.
In its annual report filed with the SEC on February 14, Minnesota-based 3M Company said the DOJ and SEC won't bring an FCPA enforcement action following an internal investigation into allegations of bid rigging and bribery by a subsidiary in Turkey.
Minnesota-based MTS Systems Corporation said last week that after an investigation of gift-giving, travel, and accommodation practices in its Asia operations, it '[removed] certain persons formerly employed in its Korea office.'
South Africa-based Net 1 UEPS Technologies, Inc. said in an SEC filing that U.S. enforcement agencies are investigating possible violations of the FCPA.
In June 2010, a California-based VOiP company called Veraz Networks, Inc. paid $300,000 to settle SEC charges that it violated the FCPA's books and records and internal controls provisions by making illegal payments to foreign officials in China and Vietnam.
As compliance professionals, we would be kidding ourselves not to acknowledge that fear of enforcement -- not business ethics -- drives many management decisions to do the right thing.
In its disclosure yesterday, Avon provided a glimpse into what it means to be cooperating with the DOJ and SEC.