Fasten your seatbelts, people. U.S. authorities are considering launching a wide-ranging examination of
the retail industry for violations of an anti-foreign bribery law, after
Wal-Mart and other retailers have come forth with their own potential offenses,
people familiar with the matter told Reuters.
Retailers have been reviewing their international operations
in light of a bribery scandal at Wal-Mart Stores Inc's (WMT) operations in
Mexico that is the subject of investigations by the Justice Department and the
Securities and Exchange Commission.
The conduct was thrown into the public spotlight in April,
when a New York Times report said that management at Wal-Mart de Mexico
(WALMEXV.MX) orchestrated bribes of $24 million to help it grow quickly in the
last decade and that Wal-Mart's top brass tried to cover it up. Other retail companies have also since reported to U.S.
agencies suspicions of their own potential violations, which in turn has the
Justice Department and SEC considering a sweep of the entire industry, said the
sources, who are working with companies who have unearthed potential issues but
declined to be identified….
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