Wal-Mart discloses internal investigation

[December 09, 2011]  BENTONVILLE, Ark. (AP) -- Wal-Mart Stores Inc. has started an internal investigation into whether its overseas operations complied with the U.S. Foreign Corrupt Practices Act in matters including permitting, licensing and inspections.

The Bentonville, Ark., retail giant offered few details about the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission. The law broadly deals with bribery and accounting rules when companies are doing business overseas.

Wal-Mart said it doesn't believe the issue will have a material impact on its business. The world's largest retailer -- which operates in 28 countries, including China, Mexico and Japan -- brought in $419 billion in revenue last year.

The company said it started the investigation after reviewing policies, procedures and internal controls tied to its global anti-corruption program. It said it is taking "appropriate remedial measures" but offered no details.

Wal-Mart has hired outside lawyers and other advisers to help and has notified the U.S. Department of Justice and Securities and Exchange Commission.

[Associated Press]

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