Wal-Mart expects bribery probe to hurt stock
The company is facing allegations that it paid Mexican officials millions to expedite building permits
Topics: Associated Press, Wal-Mart, Brazil, China, Mexico, India, Business News
NEW YORK (AP) — The world’s biggest retailer, Wal-Mart Stores Inc., says it is likely that it will incur a loss from bribery probes into its operations in Mexico and other countries.
The company has been dealing with allegations that surfaced last April that it failed to notify law enforcement that company officials authorized millions of dollars in payments in Mexico to speed up getting building permits and gain other favors. The Foreign Corrupt Practices Act forbids American companies from bribing foreign officials.
The company has launched its own investigation and is working with government officials in the U.S. and Mexico. In November, the retailer said in a filing with the Securities and Exchange Commission that it was looking into potential U.S. bribery law violations in Brazil, China and India.
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