Walmart paid millions of dollars as bribe in India: WSJ
Oct 20,
A US government investigation is said to have found evidence of Wal-Mart Stores allegedly paying thousands of small bribes to local officials in India to get customs clearances and obtain real-estate permits.
Wall Street Journal reported that vast majority of payments were below 200 dollars and some were as low as 5 dollars but together totalled millions of dollars.
The Journal reported that three-year federal probe found evidence of widespread bribery in India.
Wall Street Journal said investigators found similar payments in Mexico, but the bulk of such activity seemed to be in India.
Wal-Mart is likely to face charges of violating the US Foreign Corrupt Practices Act due to these payments.
The world’s largest retailer entered India in 2007 through a supermarket joint venture with Bharti Enterprises but split up in 2013. Since then, it is mostly focused on wholesale business.
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