India seeks extension in Wal-Mart ethics probe
by April 10, 2013 5:19 pm 122 views
Multiple news sources in New Delhi report that a retired judge leading the probe into Wal-Mart’s Indian retail investments needs more time to investigate the matter.
Justice Mukul Mudgal, named by the government in January to investigate if the chain broke any Indian laws with its lobbying, said his report might be delayed until June from its April deadline.
He is reportedly still conducting interviews and has recently asked the Bentonville-based retailer for more details.
Wal-Mart has said it is broken no Indian laws and the U.S. State Department has also taken that position.
That said, Wal-Mart recently noted in its federal filing it spent $157 million during fiscal 2013 relating to the ongoing investigations linked to alleged violations of the Foreign Corrupt Practices Act in several of its international markets – Mexico, Brazil, India and China.
The retailer expects those costs to escalate. Some analysts believe Wal-Mart will spend up to $500 million on this global investigation, not including any fines that may be assessed.