Walmart close to settling bribe probe for US$300m: sources

Washington

WAL-MART Stores Inc is preparing to pay roughly US$300 million to resolve a long-running US investigation into allegations of bribery by its employees, according to people familiar with the matter.

The deal, which the people said was being finalised and still could change, would amount to a significant concession by the US government. The Justice Department and Securities and Exchange Commission had sought at least twice that amount as recently as last year as they investigated bribery allegations linked to Walmart's business in countries including Mexico, China and India. The proposed penalty could be easily absorbed by the world's largest retailer.