November 22, 2024

Wal-Mart Discloses Internal Investigation

The company said that its investigation was a result of a voluntary internal review of its global anticorruption practices this year along with information “from other sources.”

“The company has begun an internal investigation into whether certain matters, including permitting, licensing and inspections, were in compliance with the U.S. Foreign Corrupt Practices Act,” the filing read.

The act forbids bribing foreign officials, among other items.

The company did not disclose which foreign country or countries its investigation pertained to. International business made up about 30 percent of Wal-Mart’s sales in the most recent quarter, and was the fastest-growing part of the company, with sales increasing 20 percent from the same quarter a year earlier. The biggest jumps in sales came in China, Mexico and Argentina.

As part of the review, “we are taking a deep look at our policies and procedures in every country in which we operate,” a Wal-Mart spokesman, David Tovar, said in an e-mail.

“Our investigation is currently focused on discrete incidents in specific areas. We intend to keep federal authorities apprised of what we learn,” Mr. Tovar said. “Although, based on the facts currently known, we do not believe these matters will have a material impact on our business, we decided it was appropriate to disclose the internal investigation to our shareholders.”

Article source: http://feeds.nytimes.com/click.phdo?i=a312e9768e1283b90fd28804074f7488