Post by account_disabled on Mar 11, 2024 10:28:05 GMT 3
There were several years in which the retail store, Walmart, was being investigated. It took him seven years to admit that he committed bribery and now he knows that he will have to pay a total fine of $282 million for committing it.
According to the NYT , inside Walmart's corporate offices in Brazil, a local contact was known as the "witch or sorceress" for her ability to obtain government permits quickly.
In India, concerns about bribery were France Mobile Number List settled with a “wink wink” from Walmart's local business partner. In China, the money was funneled to a local owner for “government relations consulting services.” And in Mexico, cars and computers were donated to governments in communities where Walmart planned to build new stores.
For more than a decade, Walmart used middlemen to make dubious payments to governments around the world to open new locations, U.S. prosecutors and securities regulators recently said in a settlement agreement.
But even as employees frequently became alarmed, the company's top leaders did little to prevent Walmart from engaging in bribery and corruption schemes.
That lack of internal control led to a seven-year investigation that culminated a few days ago when Walmart's Brazilian subsidiary pleaded guilty to a federal crime.
The guilty plea, and the $282 million in fines Walmart agreed to pay, capped one of the largest investigations into the Foreign Corrupt Practices Act, which makes it illegal for U.S. corporations to bribe foreign officials.
"Walmart benefited from rapid international expansion, but in doing so chose not to take necessary steps to prevent corruption," Brian A. Benczkowski, an assistant attorney general, said in a statement.
The investigation, carried out by the Justice Department and the Securities and Exchange Commission, came after The New York Times revealed in 2012 that Walmart had made suspicious payments to officials in Mexico and then tried to hide them from top executives. at the company headquarters.
Even when problems reached the front office, an internal investigation essentially went nowhere.
The Times reports sparked years of legal trouble and executive reorganization at Walmart. The company has spent approximately $900 million on lawyers and investigators trying to root out these problems, as well as hiring more people to bolster its compliance systems.
Regulators said that not only Walmart's drive to grow quickly but its "low-cost philosophy" led to poor internal controls.
The fine Walmart will pay is less than the $600 million that federal prosecutors and regulators had sought when Walmart was discussing a plea deal during the waning days of the Obama administration, The Times reported last November.
Walmart was able to negotiate a lower fine after President Trump, who had previously criticized the Foreign Corrupt Practices Act, took office. Walmart generated a profit of approximately $7 billion in its fiscal 2018 year.
Walmart bribes; the chain will pay 282 million dollars
According to the Securities and Exchange Commission, the company will pay $144 million to the United States securities authority (the Securities and Exchange Commission) and $138 million to the Department of Justice.
The American company assured that this fine was already considered, so it will not impact financial results.
According to the NYT , inside Walmart's corporate offices in Brazil, a local contact was known as the "witch or sorceress" for her ability to obtain government permits quickly.
In India, concerns about bribery were France Mobile Number List settled with a “wink wink” from Walmart's local business partner. In China, the money was funneled to a local owner for “government relations consulting services.” And in Mexico, cars and computers were donated to governments in communities where Walmart planned to build new stores.
For more than a decade, Walmart used middlemen to make dubious payments to governments around the world to open new locations, U.S. prosecutors and securities regulators recently said in a settlement agreement.
But even as employees frequently became alarmed, the company's top leaders did little to prevent Walmart from engaging in bribery and corruption schemes.
That lack of internal control led to a seven-year investigation that culminated a few days ago when Walmart's Brazilian subsidiary pleaded guilty to a federal crime.
The guilty plea, and the $282 million in fines Walmart agreed to pay, capped one of the largest investigations into the Foreign Corrupt Practices Act, which makes it illegal for U.S. corporations to bribe foreign officials.
"Walmart benefited from rapid international expansion, but in doing so chose not to take necessary steps to prevent corruption," Brian A. Benczkowski, an assistant attorney general, said in a statement.
The investigation, carried out by the Justice Department and the Securities and Exchange Commission, came after The New York Times revealed in 2012 that Walmart had made suspicious payments to officials in Mexico and then tried to hide them from top executives. at the company headquarters.
Even when problems reached the front office, an internal investigation essentially went nowhere.
The Times reports sparked years of legal trouble and executive reorganization at Walmart. The company has spent approximately $900 million on lawyers and investigators trying to root out these problems, as well as hiring more people to bolster its compliance systems.
Regulators said that not only Walmart's drive to grow quickly but its "low-cost philosophy" led to poor internal controls.
The fine Walmart will pay is less than the $600 million that federal prosecutors and regulators had sought when Walmart was discussing a plea deal during the waning days of the Obama administration, The Times reported last November.
Walmart was able to negotiate a lower fine after President Trump, who had previously criticized the Foreign Corrupt Practices Act, took office. Walmart generated a profit of approximately $7 billion in its fiscal 2018 year.
Walmart bribes; the chain will pay 282 million dollars
According to the Securities and Exchange Commission, the company will pay $144 million to the United States securities authority (the Securities and Exchange Commission) and $138 million to the Department of Justice.
The American company assured that this fine was already considered, so it will not impact financial results.