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Bharti Walmart, a joint venture between Walmart Inc and Bharti Enterprises, said it had suspended a “few associates” as a part of the probe by the company into an alleged bribery scam.
“We are committed to conducting a complete and thorough investigation. Walmart and Bharti have suspended a few associates pending the outcome of the investigation,” a spokeswoman for Bharti Walmart said in an emailed response. The company, however, did not name the officials who were being probed.
Walmart refers to its employees as associates.
Bharti Walmart’s confirmation on the suspension comes following media reports that that the company had suspended its Chief Financial Officer, Pankaj Madan, and the entire legal team in the country as part of its probe.
The US retail major said earlier this month that it was looking into corruption allegations in emerging markets, Brazil, China and India, in addition to the ongoing US and Mexican Government investigations.
The supermarket giant also faces a separate Government investigation in India to establish if it broke foreign exchange laws and secretly invested $100 million in a local supermarket chain.
The Reserve bank of India has already asked the Enforcement Directorate (ED) to probe Walmart’s investment in an arm of Bharti enterprises, Cedar Support Services, for alleged violations of forex laws.
Bharti Walmart’s probe on its employees comes at a stage when Opposition parties have been creating a ruckus in Parliament over the Government’s move to open up the retail trade for foreign direct investment.
The world largest retailer said it had started a worldwide review of its policies, practices and internal controls for US Foreign Corrupt Practices Act compliance.
A Bharti Walmart spokesperson had said, “We take compliance with the FCPA very seriously and are committed to having a strong and effective global compliance programme in every country in which we operate. We are working diligently to strengthen our compliance programmes and dedicating considerable resources to this effort. The company has spent more than $35 million on its global FCPA compliance review efforts over the past 18 months. We will not tolerate non-compliance anywhere or at any level of the company. Our expectation is that each and every one of our associates will adhere not only to the letter of the law, but also to the highest standards of personal integrity.”
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