Walmart agrees to $282 million settlement to close corruption allegations

Posted by

Walmart will pay $282 million in penalties to the The U.S. Securities and Exchange Commission (SEC)  and the Department of Justice following a seven-year long investigation into alleged corruption and bribery in its operations in Brazil, China, India, and Mexico. According to the SEC, the retailer paid intermediaries in the foreign countries to obtain the permits required to open stores. As part of the settlement with the Department of Justice, Walmart has agreed to appoint an independent compliance monitor for two years. 

The Wall Street Journal, Dave Michaels and Sarah Nassauer