Walmart agrees to pay $138 million to settle Brazil unit corruption claim

By Nandita Bose WASHINGTON (Reuters) - Walmart Inc has agreed to pay a penalty of $138 million to settle a claim that its Brazilian unit violated the Foreign Corrupt Practices Act, according to court filings. The settlement was reached on Thursday in a federal court in Virginia

Reuters June 21, 2019 00:07:37 IST
Walmart agrees to pay $138 million to settle Brazil unit corruption claim

Walmart agrees to pay 138 million to settle Brazil unit corruption claim

By Nandita Bose

WASHINGTON (Reuters) - Walmart Inc has agreed to pay a penalty of $138 million to settle a claim that its Brazilian unit violated the Foreign Corrupt Practices Act, according to court filings.

The settlement was reached on Thursday in a federal court in Virginia.

The Justice Department launched an investigation against the retailer after a series of New York Times articles in 2012 described bribes that Walmart allegedly paid in Mexico to obtain permits to build stores there, which was a violation of the Foreign Corrupt Practices Act.

The matter spurred a wide-reaching Justice Department investigation of Walmart employee behavior across the globe, including in Brazil, China and India.

In 2017, Walmart set aside nearly $300 million to settle charges with the U.S. government over international bribery allegations.

By August 2018, the company said it had spent about $900 million on legal fees and other costs stemming from the investigation, including a global overhaul of its internal compliance system.

In 2018, the retailer sold an 80 percent stake in its Brazilian operations to private equity firm Advent International.

Walmart did not immediately respond to requests for comment.

(Reporting by Sarah Lynch and Nandita Bose in Washington; Editing by Chizu Nomiyama and Jeffrey Benkoe)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Oil rises 2% as OPEC complies with production cuts
Business

Oil rises 2% as OPEC complies with production cuts

By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases. Early in the day crude was boosted by a bullish stock market. Even as equities whipsawed on pandemic worries, oil stayed higher, buoyed by expectations that OPEC could staunch a supply glut

Tesla's back-to-back price cuts bring sticker on U.S. Model S below $70,000
Business

Tesla's back-to-back price cuts bring sticker on U.S. Model S below $70,000

By Tina Bellon and C Nivedita (Reuters) - Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet https://bit.ly/2H0JCP0 on Wednesday. The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.

Trump cites teenaged son's bout with coronavirus in calling for schools to reopen
World

Trump cites teenaged son's bout with coronavirus in calling for schools to reopen

By Jeff Mason DES MOINES, Iowa (Reuters) - Under siege over his handling of the novel coronavirus pandemic, President Donald Trump on Wednesday cited what he said was his son's mild bout of the virus as a reason why American schools should reopen as soon as possible. Trump made the comment about his son, Barron, as the president swept into Iowa on a mission to shore up support in battleground states that he won in 2016 but is in danger of losing to Democrat Joe Biden barely three weeks before the election. First lady Melania Trump announced in a statement earlier in the day that the virus that struck both her and her husband had also infected their 14-year-old son