Bharti Walmart suspends CFO licensing team amidst investigations of bribery claims Walmart reviewing compliance of US Foreign Corrupt Practices Act

Bharti Walmart, the Indian venture of Wal-Mart Inc, recently suspended its Chief Financial Officer and the legal team amidst investigations of potential violations of the US Foreign Corrupt Practices Act, 1977. As per a report published in the Economic Times, the suspended individuals were entrusted with the responsibility of procuring licenses for “stores and other real estate approvals, taxation and logistics”..Bharti Walmart, the Indian venture of Wal-Mart Inc, recently suspended its Chief Financial Officer and the legal team amidst investigations of potential violations of the US Foreign Corrupt Practices Act, 1977. As per a report published in the Economic Times, the suspended individuals were entrusted with the responsibility of procuring licenses for “stores and other real estate approvals, taxation and logistics”..The suspension is the most recent consequence of a worldwide review of its compliance with the Foreign Corrupt Practices Act, a review which was initiated in March 2011. A notice dated November 15, 2012 put up on Walmart’s website declares that:.“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.”.As per the report, the investigation into the potential FCPA violations is being conducted by KPMG and Greenberg Traurig, an international law firm headquartered in Miami, USA. An email sent to Bharti Walmart elicited the following response:.“We are committed to conducting a complete and thorough investigation. Walmart and Bharti have suspended a few associates pending the outcome of the investigation. It would be inappropriate for us to comment further until we have finished the investigation.”.The suspension shall remain in effect until the investigation is complete..Image courtesy this page.