Walmart disclosed in a quarterly earnings report yesterday that it could end up shelling out as much as $240 million in the next fiscal year for compliance enhancements and investigation costs related to possible violations of the Foreign Corrupt Practices Act.
“We anticipate expenses for FCPA matters and compliance-related enhancements to range between $200 and $240 million for fiscal 2015,” Walmart Chief Financial Officer Charles Holley said in an earnings statement.
In a Feb. 20 earnings call, Holley said Walmart spent $58 million on FCPA and compliance-related expenses, for the quarter, which was below its forecast of $75 to $80 million. He added that $38 million of these expenses represented costs incurred for the ongoing inquiries and investigations, while the remaining $20 million related to its global compliance program and organizational enhancements.
As Compliance Week previously reported, the investigation resulted from allegations that executives at Walmart's Mexico unit bribed Mexican officials to smooth the way to open stores in prime locations.
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