US retail giant Wal-Mart Stores has suggested in a regulatory filing its internal investigation into bribery accusations could widen beyond the retailer’s subsidiary in Mexico.
In a regulatory filing last week, the company reported that the audit committee of the Wal-Mart board was examining possible violations of the Foreign Corrupt Practices Act and “other alleged crimes or misconduct in connection with foreign subsidiaries, including Wal-Mart de México.”
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The regulatory filing also confirmed that Wal-Mart is the subject of investigations by the Securities and Exchange Commission and the Justice Department.
“The company is also conducting a voluntary global review of its policies, practices and internal controls for FCPA compliance. The company is engaged in strengthening its global anti-corruption compliance programs through appropriate remedial anti-corruption measures,” the filing revealed.
While Wal-Mart said in December that it did not expect the bribery accusations and their fallout to hurt the company, it backed away from that assertion last week.
“Although the company does not presently believe that these matters will have a material adverse effect on its business, given the inherent uncertainties in such situations, the company can provide no assurance that these matters will not be material to its business in the future.”
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By GlobalData
