Walmart Settles Foreign Corrupt Practices Act Violations For $282 Million

The U.S. Securities and Exchange Commission (SEC) charged Walmart with violations of the Foreign Corrupt Practices Act on Thursday for failing to operate sufficient anti-corruption programs for more than a decade as it expanded internationally into Mexico, Brazil, India and China.

Walmart agreed to pay the SEC more than $144 million to settle the charges as well as approximately $138 million to resolve parallel criminal charges in the Brazilian unit brought by the U.S. Department of Justice (DOJ). The total of the two settlements is $282 million.

Walmart set aside $283 million in 2017 to go toward future settlements and said it expects no material impact on earnings, financial position or cash flows.      MORE

Designed by Reinhold Technology Solutions