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Walmart corruption charges being probed: Anand Sharma

Source : ANI
Last Updated: Sun, Nov 18, 2012 13:10 hrs

Union Commerce and Industry Minister Anand Sharma on Sunday said that allegations of corruption by the U.S.-based global retail chain Walmart are being probed.

Interacting with Indian media onboard the Prime Minister's special aircraft while it was en route to Cambodian capital Phnom Penh, where the 10th ASEAN Summit and the 7th East Asia Summit is being held from Monday, Sharma said: "Allegations are allegations... In a rule based country, there are agencies and authorities to look into such things."

He further added: "I shall not comment on the alleged FEMA violations which are yet to be looked into as even Finance Minister P chidambaram said he will await for the report. We have a policy in place. Now, there are no violations which would have taken place once the union cabinet removed the pause button in September this year to notify a decision on FDI in multi-brand retail."

Walmart has disclosed that it is investigating allegations of corrupt practices and alleged violations of US anti-bribery law in India, China and Brazil.

"We have inquiries or investigations regarding allegations of potential FCPA (Foreign Corrupt Practices Act, a federal law of the US) violations in a number of foreign markets where we operate, including but not limited to Brazil, China and India. This is in addition to the ongoing investigation in Mexico," the company had said in an earlier statement. By Naveen Kapoor (ANI)




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