Walmart will pay more than $ 282 million to settle bribes
On Thursday, the Securities and Exchange Commission (SEC) announced that retail giant Walmart has agreed to pay around $ 282 million to settle bribes.
The retailer pays more than $ 144 million to the SEC and $ 138 million to the US Justice Department to settle similar claims related to compliance with the International Corrupted Law (FCPA). The FCPA prohibits companies with overseas operations from swapping foreign officials.
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According to the filing, the SEC's study concluded that Walmart allegedly allowed subsidiaries in Brazil, China, India and Mexico to hire third-party members who paid foreign authorities ̵[ads1]1; without proof that they implemented proper compliance and training to ensure that practices meet FCPA standards. Prosecutors argued that bribes were made to speed up store openings – through things like zoning approvals.
The charges span more than a decade.
"Walmart appreciated international growth and cost cutting over compliance," Charles Cain, chief of the SEC Enforcement Division's FCPA unit, said in a statement. "The company could have avoided many of these issues, but instead Walmart repeatedly failed to take red flags seriously and delayed the implementation of appropriate internal accounting controls."
CLICK HERE FOR FOX BUSINESS APP [19659002] Ministry of Justice claims alleged violations of US bribery laws at Walmart's Brazilian branch. Walmart Brasilia was guilty of a single breach of not keeping accurate records. These costs stem from payments to a third party known as "sorceress" for his or her ability to get building permits quickly, according to The New York Times.
A spokesman for Walmart said the company had incurred enough funds to settle the dissolution, which would not have a significant impact on its financial performance.
"We are happy to resolve this issue," Walmart's CEO Doug McMillon said in a statement. "Walmart is committed to doing business the right way, and that means we act ethically wherever we operate. We have improved our policies, procedures and systems and invested huge resources globally in ethics and compliance, and now has a strong global Anti-Corruption Compliance Program We want to be the most trusted reseller and a key to this is to maintain our integrity culture. "
