Wal-Mart says loss likely from bribery probe
NEW YORK (AP) - The world's biggest retailer, Wal-Mart Stores Inc., says it is likely that it will incur a loss from bribery probes into its operations in Mexico and other countries.
The company is working on its own investigation and cooperating with authorities on other investigations into allegations it failed to notify law enforcement that company officials authorized millions of dollars in bribes in Mexico. The investigations have spread to Brazil, China and India.
The company said in a filing Tuesday with the Securities and Exchange Commission that it will incur costs above the $157 million it spent on the probes in fiscal 2013 and says it is probable it will take a financial loss related to the matters.
Bentonville-based Wal-Mart says it can't estimate the loss since investigations are ongoing.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.