Wal-Mart probing charges of bribery in India

November 17, 2012

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New Delhi, November 17: Retail giant Walmart has disclosed that it is investigating alleged violations of the US anti-bribery law in India, China and Brazil. The development could trigger fresh opposition to the opening up of the domestic retail market to global companies.

The disclosure is likely to provide ammunition to political parties that are planning to corner the government on its decision to allow FDI in multi-brand retail when Parliament reconvenes next week for the winter session.

"Since the implementation of the global review and enhanced anti-corruption compliance programs, the company has identified or been made aware of additional allegations regarding potential FCPA (Foreign Corrupt Practices Act) violations. When allegations are reported or identified, we, together with our third party advisors, conduct inquiries and when warranted, we open investigations," Wal-Mart said in a statement late on Thursday.

"We have inquiries or investigations regarding allegations of potential FCPA violations in a number of foreign markets where we operate regarding FCPA allegations, including but not limited to Brazil, China and India. This is in addition to the ongoing investigation in Mexico," the company said.

The disclosure, made in a regulatory filing, suggests Walmart has uncovered evidence into potential violations of FCPA, as the fallout continues from a bribery scheme involving the opening of stores in Mexico that was the subject of a New York Times investigation in April.

Internal probe unrelated to FDI lawsuits: Wal-Mart

Walmart's disclosure that it is investigating alleged violations of the US anti-bribery law does not necessarily mean that it has definitely paid bribes in China, India and Brazil, New York Times has quoted an unnamed source as saying. "But it did indicate that the company had found enough evidence to justify concern about its business practices in the three countries — concerns that go beyond initial inquires and that are serious enough that shareholders need to be told," the newspaper said.

It also said that the Justice Department and the Securities & Exchange Commission are also looking into the company's compliance with the anti-bribery law. The FCPA treats payment of bribes or offering inducements by US companies and individuals or even foreign companies listed on US stock exchanges as an offence. The law enacted over a decade ago was part of a global drive against corrupt practices and money laundering.

When contacted, a Walmart India spokesperson declined to comment on specific allegations until investigations are concluded by the company. "This investigation is unrelated to recently publicized public interest lawsuits related to claims that Walmart is in violation of FDI laws," the spokesperson said in an email to TOI. The BJP said the latest disclosure by the US retailer makes the issue of allowing FDI in multi-brand retail "murkier". "We need to have answers as to why the government is in a hurry to allow FDI in multi-brand retail. There are several questions which need to be answered," said BJP spokesperson Nirmala Sitharaman.


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News Network
February 4,2020

New Delhi, Feb 4: Miffed over the controversy created by its former Union minister and Uttara Kannada MP Anantkumar Hegde by his remarks against Mahatma Gandhi, the BJP, it was learnt, has issued a show-cause notice to him. The ruling party came under heavy criticism from the opposition over its MP’s remarks. The opposition has demanded a clarification from Prime Minister Narendra Modi over his party MP’s remarks.

Often in news for his controversial remarks, Hegde, sources said, could also be barred from attending the first parliamentary party meeting of the BJP of the budget session, scheduled on Tuesday. The party had taken a similar approach against its Bhopal MP Pragya Thakur during the last winter session for praising Mahatma Gandhi’s killer Nathuram Godse. Though the BJP leadership was earlier of the view that Hegde should tender an apology over his remarks but the party top brass, it was learnt, decided that it was not enough.

The Congress on Monday launched a scathing attack on the central government over the comments of BJP Lok Sabha MP Ananthkumar Hegde on Mahatma Gandhi. The party demanded that Prime Minister Narendra Modi come to Parliament and clarify his position on BJP leader’s “objectionable” remarks.

Congress party spokesman Anand Sharma said, “we can understand that why one after the other senior BJP leaders are insulting the memory of Mahatma Gandhi. They are disparaging the national movement, the freedom struggle because they are ideological descendents of those who were not only non-participants, but, actively opposed the freedom movement.” He further added, “Parliament is in session. We demand that the Prime Minister come to the House and make his position clear. As I have said, feeds that he is unhappy and angry, we are not concerned with that. In the very ideology, mindset, thinking and language of the BJP, there is violence.”

Asserting that the BJP MP’s statement was condemnable, Rajasthan Chief Minister Ashok Gehlot said the leaders of the saffron party could afford to call the freedom movement a drama as they never fought for the country’s independence. “Such statements reveal their true mindset that they use Gandhi's name just for show and have no regard for him,” he said.

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News Network
May 8,2020

Aurangabad, May 8: At least 15 migrant workers, who were sleeping on the railway tracks while going back to their native places, were run over by a goods train between Maharashtra's Jalna and Aurangabad, officials said on Friday.

A senior railway official confirmed that 15 migrant labourers were run over by a goods train between Jalna and Aurangabad of Nanded Divison of South Central Railway.

The official said that the incident happened around 5.30 am on Friday when the migrant workers, who were on way back to their homes and sleeping on the railway tracks.

However, it is yet not clear from where this group hailed and where they were going.

Amid the nationwide lockdown, thousands of migrant workers stranded in several other cities have started their journey to return to their native places on foot.

The interstate bus service, passenger, mail and express train services have been suspended since March 24.

The railways has started running Shramik Special trains to transport the stranded migrants to their native places since May 1.

Till Thursday railways has run 201 Shramik Special trains.

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News Network
February 28,2020

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

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