Walmart has agreed to pay $ 282 million to settle allegations that it violated US anti-corruption law through schemes in Mexico, Brazil, China and India.
The world's largest retailer agreed to pay $ 144 million with the US Securities and Exchange Commission, which failed to do enough to prevent corruption for more than a decade, in addition to $ 138 million to settle criminal charges in the Department of Justice. It follows long-standing negotiations between officials and Walmart on allegations of bribery involving the retailer's operations in Mexico, among other countries.
The SEC said Walmart allows overseas subsidiaries to employ "third party brokers" who have made payments to foreign authorities in Brazil, China, India and Mexico without reasonable assurances that they have complied with the Foreign Corrupt Practices Act, such as anti-bribery law. is called. The regulator added that Walmart also "failed to investigate or sufficiently mitigate certain anti-corruption risks."
Charles Cain, head of the SEC's Foreign Corrupt Practices Act unit, said Walmart "values international growth and cost cutting in compliance." He added, "The company could have avoided many of these problems, but instead, Walmart repeatedly failed to take the red flags seriously and delayed the implementation of proper internal accounting controls."
Walmart did not immediately respond to a comment request.
More to come