Walmart Discloses Additional Information Related to Foreign Corrupt Practices Act Allegations
Nov. 15, 2012 — “Earlier today, we disclosed some additional information related to Foreign Corrupt Practices Act (FCPA) allegations.
“As you know, In March of 2011, Walmart began conducting a worldwide review of its policies, practices and internal controls for FCPA compliance. The company has made improvements to its compliance programs around the world and has taken a number of specific, concrete actions with respect to our processes, procedures and people.
“Since the implementation of the global review and the enhanced anti-corruption compliance programs, the company has identified or been made aware of additional allegations regarding potential violations of the FCPA. When allegations are reported or identified, we, together with our third party advisors, conduct inquiries and when warranted, we open investigations.
“We have inquiries or investigations regarding allegations of potential FCPA violations in a number of foreign markets where we operate regarding FCPA allegations, including but not limited to Brazil, China and India. This is in addition to the ongoing investigation in Mexico.
“As these matters are currently under review, it would be inappropriate for us to comment further on the specific allegations until we have concluded the investigations.
“We take compliance with the FCPA very seriously and are committed to having a strong and effective global compliance program in every country in which we operate. We will not tolerate noncompliance anywhere or at any level of the company. We are working diligently to strengthen our compliance programs and dedicating considerable resources to this effort. In fact, the company has spent more than $35 million on its global FCPA compliance review efforts over the past 18 months.”
-- David Tovar, Vice President, Walmart Corporate Communications