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Retail major Walmart has set up an internal panel to probe the corruption charges. The panel will work alongside compliance experts Greenberg Traurig and consultancy firm KPMG, who are already probing into various allegations
Walmart said it is taking a systemic approach to improve Foreign Corrupt Practises Act compliance in every market where it operates.
“In March of 2011, Walmart President and CEO Mike Duke directed the company to conduct a worldwide review of its U.S. FCPA and anti-corruption compliance program. Following that direction, over the past 17 months, Walmart has worked closely with anti-corruption compliance experts at the international law firm Greenberg Traurig and the professional services firm KPMG, to review and assess Walmart’s FCPA and anti-corruption compliance programme,” a Walmart spokesperson said.
“We are committed to complying with all laws and regulations and are in the process of implementing a number of specific, concrete actions to strengthen our compliance program in India,” the spokesperson added.
Walmart has presence in India through a joint venture with Bharti Group for operating its cash-and-carry venture Best Price Modern store. It provides back-end support for Bharti’s front-end retail ‘Easy Day’ stores.
Besides being in news for having spent Rs 125 crore for lobbying to enter India, the company is also under fire for allegedly violating foreign direct investment norms.
The Government had earlier announced that a retired judge will investigate the lobbying charge. The Enforcement Directorate, too, has sent notices to the company seeking clarity on its investments into the Indian arm.
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