Wal-Mart: Loss from bribery probe likely

Bentonville, Ark. -- Wal-Mart Stores Inc. revealed in a Tuesday SEC filing that it will most likely incur a loss from bribery probes into its operations in Mexico and other countries.

According to the filing, Wal-Mart said it expects to incur costs beyond the $157 million it spent on the probes in 2013, but didn’t elaborate on the amount or the size of the potential loss.

"Given the on-going nature and complexity of the review, inquiries and investigations, we cannot reasonably estimate any loss or range of loss that may arise from these matters," Wal-Mart said in the filing.

The allegations of bribery surfaced last April, with claims that Wal-Mart neglected to notify law enforcement that company officials authorized millions of dollars in payments in Mexico to speed up getting building permits and gain other favors. The Foreign Corrupt Practices Act forbids American companies from bribing foreign officials.  Wal-Mart launched an internal investigation and is cooperating with government officials in the U.S. and Mexico.


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