U.S. prosecutors investigating allegations of bribery by Wal-Mart Stores Inc across the globe have found little evidence of corrupt practices in China, Bloomberg reported.
Investigators interviewing former executives and others associated with the company's Chinese operations over the past few months have been hindered by Chinese laws that prevent disclosure of certain information outside the country, Bloomberg reported, citing people familiar with the matter.
Prosecutors may choose to bring only civil penalties imposed by the U.S. Securities and Exchange Commission rather than criminal charges, the report said. (bloom.bg/1Mrx7mj)
The U.S. Department of Justice has been conducting a years-long investigation into potential misconduct by Wal-Mart in some overseas markets, including China, Brazil, India and Mexico.
The probe found few major offenses in Mexico, but has unearthed evidence of possible misconduct in Brazil, the Wall Street Journal reported in November.
The investigation could be completed by the end of the year, Bloomberg said.
Wal-Mart spokesman Greg Hitt said in a statement emailed to Reuters that the company was fully cooperating with the government but could not comment further on the process.
(Reporting by Abhijith G in Bengaluru and Nathan Layne in Chicago; Editing by Sriraj Kalluvila)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Published Date: Mar 18, 2016 23:00 PM | Updated Date: Mar 18, 2016 23:00 PM