What you need to know about the new direct marketing guidance note
Nadine Mather and Chloë Loubser
Subscribe & Follow
Advertise your job vacancies
Trending
Jobs
- Administrator George
- Area Operations Manager Cape Town
- Sales Agent Hoogland
Walmart braces for losses amid corruption probe
NEW YORK, USA: US retail giant Walmart said Tuesday, 26 March 2013, it expected to suffer financial losses amid an ongoing probe into corruption scandals involving foreign subsidiaries.
"We expect to continue to incur costs (in addition to the US$157 million of costs incurred in fiscal 2013)," the company said in a filing with the US Securities and Exchange Commission, citing ongoing investigations.
Walmart opened an internal probe last year after a New York Times report that alleged bribes worth $24 million had been paid to officials in Mexico as part of an expansion drive.
It later widened the probe to pursue corruption allegations against it in India, Brazil and China, in addition to the US and Mexican government investigations over its Mexico activities.
The company said in its SEC filing it was unable to estimate the scale of the possible losses. "While we believe that it is probable that we will incur a loss from these matters, given the ongoing nature and complexity of the review, inquiries and investigations, we cannot reasonably estimate any loss or range of loss that may arise from these matters," it said.
"Although we do not presently believe that these matters will have a material adverse effect on our business, given the inherent uncertainties in such situations, we can provide no assurance that these matters will not be material to our business in the future."
Source: AFP
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
