From the Wires
Walmart Statement in Response to December 17 New York Times Article About Allegations of Corruption in Mexico
By: PR Newswire
Dec. 17, 2012 08:52 PM
BENTONVILLE, Ark., Dec. 17, 2012 /PRNewswire/ -- The following statement can be attributed to David Tovar, Vice President, Corporate Communications.
"The allegations contained in the New York Times article surrounding events in 2003-2004 involving the permitting and licensing process for a Walmart de Mexico store in Teotihuacan, Mexico, have been part of the company's ongoing investigation of potential violations of the U.S. Foreign Corrupt Practices Act we began more than a year ago.
"The Audit Committee of the board, comprised entirely of independent directors, is overseeing the investigation.
"We are also continuing to cooperate with the Department of Justice and the Securities and Exchange Commission on this matter.
"At this point, the investigation is still ongoing and we have not yet reached final conclusions. A thorough and independent investigation will take time to complete. We wish we could say more but we will not jeopardize the integrity of the investigation.
"We are committed to having a strong and effective global anti-corruption program everywhere we operate and taking appropriate action for any instance of non-compliance.
"While the investigation is ongoing, we have not waited to act. Over the past 20 months, we have made significant improvements to our compliance programs around the world and have taken a number of specific, concrete actions with respect to our processes, procedures and people.
"Over the past several months we have:
"We recognize that our effort to date is a work in progress and there is more to be done as we continue building a world-class FCPA compliance program."
Please click here for more information about Walmart's recent global compliance action steps.
SOURCE Wal-Mart Stores, Inc.
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