Wal-Mart launches internal probe into overseas compliance
Bentonville, Ark. -- Wal-Mart Stores Inc. revealed Thursday it has launched an internal investigation into whether its overseas operations complied with the U.S. Foreign Corrupt Practices Act in matters including permitting, licensing and inspections.
Few details about the internal probe have been released, but the retailer revealed the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission. The law in question deals with bribery and accounting rules when companies are doing business overseas.
Wal-Mart said that it doesn't believe the issue will have a material impact on its business.
Wal-Mart said it launched the investigation after reviewing policies, procedures and internal controls tied to its global anti-corruption program, which raised questions about whether some of its actions may have violated U.S. anti-corruption laws.
The filing didn’t reveal where the actions took place. Wal-Mart has hired legal counsel and other advisers to assist in the probe.