Skip to content
Search

Latest Stories

Walmart to pay over $282m to close US bribery probe into its Indian business  

GLOBAL retail giant Walmart has agreed to pay over $282 million to settle charges of violating US anti-corruption regulations while conducting its business in India, China, Brazil and Mexico.

According to the US security and exchange commission (SEC), these violations were conducted 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 or FCPA.


The SEC has charged Walmart with violating the FCPA by failing to operate a sufficient anti-corruption compliance programme for more than a decade as the retailer experienced rapid international growth.

Walmart agreed to pay more than $144m to settle the SEC's charges and approximately $138m to resolve parallel criminal charges by the department of justice for a combined total of more than $282m, SEC said.

"Walmart valued international growth and cost-cutting over compliance," said Charles Cain, chief of the SEC enforcement division's FCPA unit.

"The company could have avoided many of these problems, but instead Walmart repeatedly failed to take red flags seriously and delayed the implementation of appropriate internal accounting controls," he said.

Walmart consented to the SEC's order finding that it violated the books and records and internal accounting controls provisions of the securities exchange act of 1934.

According to the SEC's order, Walmart failed to sufficiently investigate or mitigate certain anti-corruption risks and allowed subsidiaries in Brazil, China, India, and Mexico to employ third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the FCPA.

The SEC's order details several instances when Walmart planned to implement proper compliance and training only to put those plans on hold or otherwise allow deficient internal accounting controls to persist even in the face of red flags and corruption allegations.

A spokesperson for Walmart said the company had accrued enough funds to settle the resolution, which will not materially impact its financial results.

"We're pleased to resolve this matter," Walmart president and CEO, Doug McMillon, said in a statement.

“Walmart is committed to doing business the right way, and that means acting ethically everywhere we operate. We've enhanced our policies, procedures and systems and invested tremendous resources globally into ethics and compliance, and now have a strong global anti-corruption compliance program. We want to be the most trusted retailer, and a key to this is maintaining our culture of integrity," he said.

(PTI)

More For You

Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less
Rachel Reeves

Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.

Getty Images

Reeves urges ministers to back Bank of England on inflation

CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.

Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.

Keep ReadingShow less