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Walmart to pay more than $ 282M to settle bribery charges



The Securities and Exchange Commission (SEC) on Thursday announced that Walmart has agreed to pay about $ 282 million to settle bribery charges.

US The Department of Justice is similarly related to its compliance with the Foreign Corrupt Practices Act (FCPA). The FCPA prohibits companies with operations abroad from bribing foreign officials.

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According to the filing, the SEC's investigation concluded that Walmart allegedly allowed subsidiaries in Brazil, China, India and Mexico third-party intermediaries who paid foreign government officials ̵

1; without applying proper compliance and training to FCPA standards. Prosecutors claimed bribes were made in order to close large openings – through things like zoning approvals.

Walmart valued international growth and cost-cutting over compliance, Charles Cain, chief of the SEC Enforcement Division's FCPA Unit, said in a statement. “The company could have avoided many of these problems, but instead Walmart repeatedly failed to take red flags seriously and delayed the implementation of appropriate internal accounting controls.”

CLICK HERE FOR THE FOX BUSINESS APP [19659002] The Department of Justice claims related to alleged violations of US bribery laws at Walmart's Brazilian branch. Walmart Brasilia pleaded guilty to a single violation of failing to keep accurate records. Those charges are from payments made to a third party known as the "sorceress" for his or her ability to build building permits quickly, according to The New York Times.

Settle the resolution, which will not materially impact its financial results. "We're pleased to resolve this matter," Walmart president and CEO, Doug McMillon, said in a statement. “Walmart is committed to doing business the right way, and that means acting ethically everywhere we operate. We have enhanced our policies, procedures and systems and invested resources globally into ethics and compliance, and now have a strong Global Anti-Corruption Compliance Program. We want to be the most trusted retailer, and a key to this is our culture of integrity. "


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