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Wal-Mart Balks at Paying $600-Million-Plus in Bribery Case
Source: Bloomberg
Wal-Mart Balks at Paying $600-Million-Plus in Bribery Case
By Tom Schoenberg
Matt Robinson
October 6, 2016 — 12:19 PM EDT Updated on October 6, 2016 — 2:24 PM EDT
Wal-Mart Stores Inc. is butting heads with the U.S. government over how to wrap up a long-running foreign corruption investigation.
Officials have proposed that the world’s biggest retailer pay at least $600 million to resolve probes by the Justice Department and the Securities and Exchange Commission into whether it bribed government officials in markets from Mexico to India and China, according to three people familiar with the matter. The retailer has rebuffed the government’s request, two of them said.
Such a settlement would rank among the largest in four decades under a U.S. law against bribing foreign officials to obtain business.
With the impasse, prosecutors have gone back to elicit more evidence from witnesses about alleged bribe-paying in Mexico, the people said. That will put additional pressure on the company to settle. Some of the people familiar with the matter said the U.S. could propose a penalty well above $600 million.
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By Tom Schoenberg
Matt Robinson
October 6, 2016 — 12:19 PM EDT Updated on October 6, 2016 — 2:24 PM EDT
Wal-Mart Stores Inc. is butting heads with the U.S. government over how to wrap up a long-running foreign corruption investigation.
Officials have proposed that the world’s biggest retailer pay at least $600 million to resolve probes by the Justice Department and the Securities and Exchange Commission into whether it bribed government officials in markets from Mexico to India and China, according to three people familiar with the matter. The retailer has rebuffed the government’s request, two of them said.
Such a settlement would rank among the largest in four decades under a U.S. law against bribing foreign officials to obtain business.
With the impasse, prosecutors have gone back to elicit more evidence from witnesses about alleged bribe-paying in Mexico, the people said. That will put additional pressure on the company to settle. Some of the people familiar with the matter said the U.S. could propose a penalty well above $600 million.
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Read more: http://www.bloomberg.com/news/articles/2016-10-06/wal-mart-said-to-balk-at-paying-600-million-plus-in-bribe-case
