Wal-Mart Expands Foreign Bribery Investigation
Source: NY Times
By STEPHANIE CLIFFORD
Wal-Mart disclosed on Thursday that it has expanded an internal investigation into bribery accusations in Mexico to Brazil, China and India.
The company acknowledged the expanded inquiry in a Securities and Exchange Commission filing that accompanied its third-quarter financial results, which showed lower sales than analysts had expected.
Wal-Mart had previously reported that the audit committee of its board was examining possible violations of the Foreign Corrupt Practices Act in Mexico.
“Inquiries or investigations regarding allegations of potential F.C.P.A. violations have been commenced in a number of foreign markets where we operate, including but not limited to Brazil, China and India,” the company said in its regulatory filing.
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Read more: http://www.nytimes.com/2012/11/16/business/wal-mart-expands-foreign-bribery-investigation.html?partner=EXCITE&ei=5043&_r=0
Shi Tou/Reuters
A Walmart store in Chongqing, China.
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