Entries in Pulitzer Prize (11)
The Delaware Supreme Court Wednesday affirmed a lower court order for Walmart to turn over files and documents from an internal FCPA investigation to plaintiffs in a civil shareholder suit.
Walmart argued Thursday to the Delaware Supreme Court that shareholders aren't entitled to internal documents from an FCPA investigation that might show what executives and directors knew about alleged bribes paid to officials in Mexico.
Walmart Stores Inc. said in its Form 10-Q filed with the SEC on June 6 that it cut FCPA investigations and compliance-related costs for the quarter ended April 30 by $20 million year-over-year.
The Pulitzer-prize winning NY Times reporter David Barstow famously wrote in 2012 that Walmart was an “aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures. It used bribes to circumvent regulatory safeguards that protect Mexican citizens from unsafe construction. It used bribes to outflank rivals.”
Wal-Mart Stores, Inc. said in an earnings release Thursday that it expects to spend between $200 million and $240 million on FCPA-related matters and compliance for fiscal 2015.
In its quarterly SEC filing Thursday, Wal-Mart again said it is investigating both alleged FCPA offenses in foreign subsidiaries and ‘whether prior allegations of such violations and/or misconduct were appropriately handled.’
David Barstow of the New York Times described to Democracy Now how Wal-Mart de Mexico allegedly used massive corruption to win approvals for new stores, and how top executives at Wal-Mart's headquarters in Bentonville, Arkansas learned about the brazen graft but covered it up.
Wal-Mart said Thursday it spent $73 million on FCPA-related expenses during the first quarter of 2013. It had budgeted $40 million to $45 million.
David Barstow and Alejandra Xanic von Bertrab of the New York Times were awarded the Pulitzer Prize Monday for their investigation of Wal-Mart's alleged bribery in Mexico and the cover up that followed.