(Adds company comment)
Oct 6 Wal-Mart Stores Inc rebuffed a
proposal by U.S. prosecutors to pay at least $600 million to
settle a corruption probe into the company's practices in
markets including Mexico, India and China, Bloomberg reported,
citing people familiar with the matter.
Prosecutors have now gone back to seek more evidence about
the company's alleged bribery in Mexico to put pressure on the
retailer to settle, Bloomberg reported. (bloom.bg/2e5W54p)
Some of Wal-Mart's actions in Mexico may be too old to
prosecute, the report said.
Officials are working to strike a deal with the Bentonville,
Arkansas-based company before a new U.S. administration takes
over in January, according to the Bloomberg report.
Wal-Mart is cooperating fully with the government and
compliance with the US Foreign Corrupt Practices Act (FCPA) and
other anti-corruption laws is a key priority, company spokesman
Greg Hitt said.
The U.S. Department of Justice has been conducting a
long-running investigation into potential misconduct by
Wal-Mart, including violations of FCPA, in some overseas
markets, including China, Brazil, India and Mexico.
Wal-Mart is also facing a class-action lawsuit filed by its
shareholders including a Michigan pension fund, accusing it of
defrauding shareholders by concealing suspected bribery to help
it expand faster in Mexico.
(Reporting by Abhijith Ganapavaram and Gayathree Ganesan in
Bengaluru; Editing by Shounak Dasgupta)