US retailer Walmart has launched an investigation to find out whether some of its international staff have violated US anti-corruption laws, which prohibits bribery overseas. The retailer has not confirmed which of its worldwide businesses the investigation relating to the US Foreign Corrupt Practices Act refers to.
“We cannot reasonably estimate the potential liability, if any, related to these matters,” said the retailer. “However, based on the facts currently known, we do not believe that these matters will have a material adverse effect on our business, financial condition, results of operations or cash flows.” Information revealed earlier this year in an internal review of its policies and controls on corruption led to the filing, said Walmart. Information was also received from other sources. The retailer has hired external lawyers and advisers to assist with the investigations. Walmart’s shares fell by 0.2 per cent to $57.85 following the release of the filing.
Walmart has operations in 28 countries across the globe. (12 Dec)
© 2011 - ESM: European Supermarket Magazine
