Perhaps the late Bon Scott may have been the ideal U.S. Foreign Corrupt Practices Act (FCPA) investigator, as no single man probably ever knew more about dirty deeds and their related costs. Alas, Wal-Mart Stores Inc. will have to do without his help.
The world’s largest retailer is making headlines again this year, although this time not for massive, sex-related discrimination lawsuits. In a securities filing issued yesterday to the Securities and Exchange Commission, Wal-Mart highlighted that it has begun an internal investigation to determine whether some of its employees violated the FCPA.
The company said it voluntarily began an inquiry into its internal controls, policies and procedures related to its global anti-corruption compliance program. Despite the notification of its investigation, Wal-Mart failed to disclose any specifics regarding the reasoning behind the investigation.
"The company has begun an internal investigation into whether certain matters, including permitting, licensing and inspections, were in compliance with the U.S. Foreign Corrupt Practices Act," Wal-Mart wrote in the filing.
According to reports, the retailer has engaged outside counsel and advisers to assist with the review and to help install any appropriate corrective procedures.
Wal-Mart went on to note in the report that it does not expect any adverse material impact to come of the probe.
For more, read Reuters.