Posted: Saturday, Nov 17, 2012 at 1037 hrs IST
New York: Wal-Mart on Thursday reported that its investigation into violations of a federal anti-bribery law had extended beyond Mexico to China, India and Brazil, some of the retailer?s most important international markets. The disclosure, made in a regulatory filing, suggests Wal-Mart has uncovered evidence into potential violations of the Foreign Corrupt Practices Act, as the fallout continues from a bribery scheme involving the opening of stores in Mexico that was the subject of a New York Times investigation in April. The announcement underscores the degree to which Wal-Mart recognises that corruption may have infected its international operations, and reflects a growing alarm among the company?s internal investigators. People with knowledge of the matter described how a relatively routine compliance audit rapidly transformed into a full-blown investigation late last year ? involving hundreds of lawyers and three former federal prosecutors ? when the company learned that The Times was examining problems with its
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Source: http://financialexpress.com/news/walmart-probing-bribery-charges-in-india/1032388/
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