BRAZIL WAS TOUGH NUT TO CRACK: Not even payments to a “genie” could bring success to Walmart in Brazil. It sold most of its operation there last year. Walmart, the Bentonville-based retailer, will pay $282 million to settle a federal investigation into questionable payments it made to do business in foreign countries. The New York Times reports. The investigation began after the Times in 2012 reported suspicious payments Walmart had made in Mexico. The newspaper reported cash payments to win friends, permits and zoning decisions. The Times also had reported that the company learned of the practice in 2005, but shut down an internal investigation and didn’t report the matter to authorities.The investigation into potential corrupt practices spread to China, Brazil and India. On Thursday, the S.E.C. said that it found that Walmart failed to “operate a sufficient anti-corruption compliance program for more than a decade as the retailer experienced rapid international growth.” A subsidiary of the company will plead guilty to charges in Brazil related to payments made to someone known as “sorceress” and “genie” for the ability to obtain building permits quickly. Here’s the Walmart release on the settlement, less than the $600 million the government had once… Read full this story
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