Business

Walmart expects loss from bribery probe

NEW YORK — The world’s biggest retailer, Walmart Stores Inc., said it is likely to incur a loss from bribery probes into its operations in Mexico and other countries.

Walmart has been dealing with allegations that surfaced last April that it failed to notify law enforcement that company officials authorized millions of dollars in payments in Mexico to speed up getting building permits. The Foreign Corrupt Practices Act forbids American companies from bribing foreign officials.

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The company has launched its own investigation and is working with government officials in the United States and Mexico. In November, the retailer said in a filing with the Securities and Exchange Commission that it was looking into potential US bribery law violations in Brazil, China, and India. In another filing Tuesday with the SEC, Walmart said that it expects to incur costs above the $157 million it spent on the investigations in fiscal 2013.

Associated Press

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