Wal-Mart bribery review includes Brazil, China
WASHINGTON (Reuters) - Lawyers for Wal-Mart Stores Inc (WMT.N) have flagged Brazil, China, India and South Africa in addition to Mexico, as countries that represent the highest corruption risk in a global review, according to a letter from lawmakers investigating the company.
The lawyers said they were retained to review Wal-Mart policies in Mexico, Brazil and China, and later recommended the company also evaluate its operations in India and South Africa. The lawyers referred to those five countries as regions where the risk was the greatest, according to the lawmakers.
The company has acknowledged it is investigating bribery allegations involving its Mexican operations, and that it is conducting a global review of its anti-corruption compliance program, but has not provided details about the review.
The new details came in a letter from two Democratic lawmakers, Representatives Elijah Cummings and Henry Waxman, who are the ranking members, respectively, of the House Oversight and House Energy committees.
The pair wrote to Wal-Mart Chief Executive Michael Duke on Tuesday and asked him to provide additional documents and allow certain witnesses to cooperate with a congressional investigation into the bribery allegations.
Outside lawyers for Wal-Mart briefed the lawmakers on May 21 about the company's program to comply with the Foreign Corrupt Practices Act, a 1970s-era law that bars bribes to officials of foreign governments.
But the lawyers did not answer any questions about the substance of the bribery allegations, which were brought to light in an April 21 New York Times report that said that management at Wal-Mart de Mexico (WALMEXV.MX) orchestrated bribes of $24 million to help it grow quickly in the last decade and that Wal-Mart's top brass tried to cover it up.
The two lawmakers have previously expressed frustration about the information they have received from Wal-Mart.
Wal-Mart representatives did not immediately respond to a request for a comment, but the company has said it is "committed to a full and independent investigation," and that "it would be inappropriate for us or others to come to conclusions before the investigation is complete."
(Reporting By Aruna Viswanatha in Washington and Jessica Wohl in Chicago; Editing by John Wallace and Tim Dobbyn)
- Tweet this
- Share this
- Digg this
- UPDATE 2-Concordia finally heads for scrapyard after massive salvage operation
- Seven arrests made in $1.6 million StubHub cyberfraud case |
- Facebook beats Wall Street targets, stock hits record high |
- UPDATE 3-Seven arrested internationally in $1.6 million StubHub fraud
- Sierra Leone's chief Ebola doctor contracts the virus
India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal. Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article