| | |
After alleged bribery fraud allegations, Wal-Mart has begun its own investigation into the issue.
After alleged bribery fraud allegations, Wal-Mart has begun its own investigation into the issue. Sources say the global giant has set up a special task force to look into the India investigation, which will work along side KPMG and law firm Greenberg Trauig. CNBC-TV18's Kritika Saxena reports.
A detailed report is going to be presented and they will come up with this within the next three to four months. While the investigation will take some time, sources say that it will be reporting directly to the legal officer.
The response from the Wal-Mart officials to a CNBC-TV18 query was quite detailed. As far as the India arm is concerned, it has categorically said that it is committed to complying with all laws and regulations. It is implementing specific concrete actions to strengthen compliance.
In over the last couple of months Wal-Mart has been working to conduct a worldwide review in order to strengthen the Foreign Corrupt Practices Act (FCPA) compliance and the anti corruption practices across geographies.
ADS BY GOOGLE
video of the day
Tepid Q4 shows market frail on valuations: Kotaks Prasad