Wal-Mart Stores Inc. can’t block investors from using publicly disclosed internal files in lawsuits that claim directors failed to properly oversee executives accused of bribing Mexican officials, a judge said.
Spending on the internal bribery probe and related compliance issues was much higher in the first three months of 2013 than earlier anticipated.
With federal investigations underway, Wal-Mart attempts to showcase company reforms by tying compliance to executive pay.
The prize was one of four awarded to The New York Times, three of which were for articles that touched on corruption and corporate compliance.
At a compliance conference in Washington, the former Attorney General called for greater “transparency” in foreign bribery enforcement.
The retail giant said that “given the inherent uncertainties in such situations, we can provide no assurance that these matters will not be material to our business in the future.”
The Justice Department’s Foreign Corrupt Practices Act unit chief spoke via telephone at the American Bar Association’s white collar crime conference in Las Vegas.
Kimco Realty Corp. received an SEC subpoena last month.
The company expects to spend as much as $45 million in its first quarter.
The battle for FCPA reform is not dead, it is merely resting.
(Subscription Access Only) Wal-Mart says a putative class action alleging securities fraud by concealing bribery in Mexico has no basis in fact.
The New York think tank, best known as a clearinghouse for policy ideas in the administration of former New York Mayor Rudolph W. Giuliani, wades into the debate on proposed FCPA amendments.
Email chains appear to dispute company claims that Michael T. Duke, CEO of Wal-Stores Inc., was not aware of corruption allegations at a controversial store in 2005.
Investigative reporter David Barstow discusses the thinking behind Wal-Mart’s failure to self-report corruption in Mexico.
The New York Times strikes another blow, alleging in lurid detail how Wal-Mart’s Mexican subsidiary paid bribes to open 19 different locations.
The human rights organization, which has worked to expose the extent of international crimes and weapons proliferation in the Democratic Republic of Congo, says the new rule is key to its own ethical investment strategies.
Wal-Mart Stores Inc. sees a jump in legal costs and acknowledges it is investigating possible foreign bribery in at least three new countries.
The scope is of the remediation efforts is staggering: 300 lawyers and accountants have spent 79,000 hours reviewing Wal-Mart’s compliance programs in 27 countries.
The company announced Schlumberger Ltd.’s Daniel Trujillo’s hiring in an internal memo today.
Five months after Wal-Mart’s dirty laundry was aired in The New York Times, there is little evidence that U.S. authorities have begun a formal anti-corruption sweep of the big box retail industry. But retailers are reacting.
Advocates of Foreign Corrupt Practices Act reform returned to Capitol Hill on Friday to press their case, signalling that business interests haven’t given up on persuading Congress eventually to amend the statute despite recent adverse publicity over such foreign bribery cases as Wal-Mart Stores Inc.
The retailer had previously disclosed that it had spent $34 million in the three months ending in July.
The company anticipates spending $35 million to $40 million in each of the remaining quarters.
The big-box retailer may have issues complying with laws against anti-money laundering and tax evasion, Democratic Reps. Henry Waxman and Elijah Cummings assert in a new letter.
The company said it would give updates on costs associated with bribery probe as developments happen.
Wal-Mart Stores Inc. (WMT) has named KPMG International’s (KPMG) former chairman Timothy P. Flynn to its board and audit committee.
Mr. Flynn worked at KPMG for 32 years, serving as international chairman from 2007 until his retirement in October 2011. He also served as chairman from 2005 to 2010 and chief executive from [...]
The business lobby essentially lost in 1988 on its priority issue – a lowering of the knowledge standard for corrupt payments to third parties used as intermediaries for bribes.
The SEC’s Fort Worth office investigated Panalpina Inc. and now has international attention as it looks for evidence of bribes paid by Wal-Mart in Mexico.
Wal-Mart Stores Inc. (WMT) Vice Chairman Eduardo Castro-Wright, a key figure in a bribery probe at the company’s Mexico operations, retired on July 1.
Wal-Mart Stores Inc. (WMT)’s Mexico subsidiary will open between 325 and 335 locations in Mexico and Central America this year, down 23 percent from its previous estimate of as many as 436, according to a statement to the Mexican stock exchange yesterday. The new steps required to open a store set back development plans by 60 days to 90 days, Wal-Mart de Mexico said.
THE PAST AND FUTURE FOR CORPORATE PROSECUTIONS: Orrick partner Michael Madigan discusses his successful defense in 2006 of the former chairman of KPMG’s Tax Department, which led to reduced leverage for prosecutors in pursuing corporation prosecutions.
Mary Jacoby is the founder of Main Justice and Editor-in-Chief of Just Anti-Corruption.
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Dealing with complex issues of fraud, regulatory compliance and business disputes can detract from efforts to achi...
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- Army National Guard Captain Charged for Alleged Role in Bribery and Wire Fraud Scheme and Two Former Soldiers Sentenced for Their Roles in a Related Scheme
- Two Foreign Nationals Sentenced in Houston to Prison for Human Smuggling
- Former Dallas Securities Broker Sentenced in Oklahoma to 84 Months in Prison for Role in Stock Manipulation Scheme
- Oregon Man Indicted for Alleged Role in $50 Million Securities Fraud Scheme
- Pennslyvania Inmate Sentenced to Life in Prison for Violent Murder of Fellow Inmate
- Former Construction Company Owner Indicted in Nevada for Income Tax Evasion
- Michigan Physician Pleads Guilty for Role in Medicare Fraud Scheme
- Medicare Fraud Strike Force Charges 89 Individuals for Approximately $223 Million in False Billing
- Community Mental Health Center Program Coordinator Sentenced to 70 Months for Role in $63 Million Fraud Scheme
- High Ranking Gulf Cartel Member Sentenced in Washington, D.C., to 35 Years in Prison for Drug Trafficking
- Anti-Corruption Portal of the Americas
- City of London Police
- Global Financial Integrity
- GRECO
- Organization for Economic Co-operation and Development
- Pacer (U.S. Court Documents)
- State Department Bureau of International Narcotics and Law Enforcement Affairs
- TRACE International
- Transparency International
- U.K. Courts
- U.K. Ministry of Justice
- U.K. Office of Fair Trading
- U.K. Serious Fraud Office
- U.S. Department of Justice
- U.S. Department of Justice FCPA Page
- U.S. Federal Bureau of Investigation
- U.S. House Committee on Oversight and Government Reform
- U.S. House Permanent Subcommittee on Investigations
- U.S. Internal Revenue Service Criminal Investigations
- U.S. Securities and Exchange Commission
- U.S. Securities and Exchange Commission Litigation Releases
- U.S. Senate Permanent Select Committee on Intelligence
- United Nations Convention Against Corruption
- World Bank Governance and Anti-Corruption
- World Economic Forum - Corruption Initiative