World-wide retail behemoth, Walmart, has agreed to pay 282.7 million dollars to settle charges of violating US anti-corruption regulations while operating in India, China, Brazil and Mexico, according to the Security and Exchange Commission.
The SEC said these violations were done by Walmart’s third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the Foreign Corrupt Practices Act.
The SEC has said it has charged Walmart with violating the FCPA by failing to operate a sufficient anti-corruption compliance programme for more than a decade as it experienced rapid growth worldwide.
The SEC had brought the charges in 2011 and Walmart agreed to pay more than 144 million dollars to settle these and approximately 138 million dollars to resolve parallel criminal charges by the Department of Justice for a grand total of over 282 million dollars, the SEC said.
'Walmart valued international growth and cost-cutting over compliance,' said Charles Cain, chief of the FCPA's SEC Enforcement Division Unit.