Report: Bribe probe cost Wal-Mart $439 million
New York — Wal-Mart Stores spent $439 million during the past two years to investigate the possible payment of foreign bribes, Bloomberg reported, making it ranks as one of the most expensive probes in U.S. history.
Wal-Mart spent $282 million in the fiscal year ended Jan. 31 and $157 million the previous year, and expenses will continue to rise, according to an annual report filed March 21. On Feb. 20, Wal-Mart projected FCPA probe and compliance costs would be $200 million to $240 million for fiscal 2015.
“While we believe that it is probable that we will incur a loss from these matters, given the ongoing 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,” according to the filing, Reuters reported.
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