Walmart’s costs of complying with the Foreign Corrupt Practices Act continue to mount. Total costs to the company have now been reported to top an astounding $650 million, proving that it doesn’t pay to cheat.
In 2012, news broke of a vast bribery case reaching the top levels of Walmart. Company officials allegedly paid $24 million in bribes to facilitate the construction of new stores in Mexico. The cover up was reported to reach even higher levels of Walmart corporate.
Ever since, Walmart has been paying the cost. Reportedly, Walmart said on a management call earlier this week that “the FCPA (Foreign Corrupt Practices Act) and compliance-related costs were about $30 million during the second quarter…”
Moreover, the company continues to accrue more related costs as the investigation continues. According to the FCPA Blog, “The DOJ and SEC are investigating possible FCPA violations in Mexico, as well as in China, India and Brazil, among others.”