Walmart to pay off $282 to settle 7-yea-long global corruption probe

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Walmart to pay off $282 to settle 7-yea-long global corruption probe

On Thursday, the 20th of June 2019, the largest company in the world by revenue, Walmart Inc., headquartered in Bentonville, Arkansas, had issued a statement saying that the No. 2 retailer in the United States had agreed to pay a lump-sum of $282 million in order to settle a seven-year-long probe on whether its overseas units in India, Mexico, China and Brazil had violated US Foreign Corrupt Practices Act.

According to the court documents and regulatory filings revealed on Thursday (June 20th), the US retailing giant with thousands of brick-and-mortar hypermarket chains and a stubborn online presence, would be paying as little as $144 to US securities and exchange commission (US SEC) and around $138 million to resolve criminal charges filed by US Department of Justice.

None the less, followed by the Thursday’s (June 20th) settlement, at a separate regulatory filing, the Arkansas-based No. 2 US online retailer, behind Inc., had been quoted saying that the $282 million settlement with US SEC and US Department of Justice had been a part of ‘global settlement’ and it had put an end to all FCPA-related probes into the retailer’s overseas business.

In fact, a broad-based probe by US Justice department against the fifty-year-old retailing giant began about seven years back in 2012, after a New York Times report had revealed that Walmart Inc. had been paying bribes to Mexican officials to obtain permits of building brick-and-mortar supermarket chain stores out there.