Walmart FCPA spending just topped $650 million
Wednesday, August 19, 2015 at 10:08AM
Richard L. Cassin in Brazil, China, India, Mexico, New York Times, Walmart

Walmart said in a management call Tuesday that FCPA and compliance-related costs were about $30 million during the second quarter, with $23 million for ongoing investigations and $7 million for the company's global compliance program. 

The company said it expects to spend between $130 million and $150 million on FCPA-related costs for the full year.

First quarter FCPA and compliance-related costs this year were $33 million.

In April 2012, the New York Times reported that Walmart's Mexico unit paid $24 million in bribes to speed up licensing and permitting for new stores. The paper said top managers in the United States covered up the bribery after learning about it.

The DOJ and SEC are investigating possible FCPA violations in Mexico, as well as in China, India, and Brazil, among others.

The Bentonville, Arkansas-based retailer said for fiscal 2015 (ended January 31), FCPA-related costs were $173 million.

In its fiscal 2014 Global Compliance Program Report, Walmart said it had spent $439 million in legal fees and other costs associated with investigations of alleged FCPA violations, and to revamp its global compliance program.

FCPA costs were $282 million in 2014 and $157 million in 2013, the company said.

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Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.

Article originally appeared on The FCPA Blog (https://www.fcpablog.com/).
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