Wal-Mart’s Woes
The Biomet case is an example of compliance failures at the lowest and highest levels, which is reflected in the unfolding story of potential Foreign Corrupt…
May 23, 2012 at 10:16 AM
8 minute read
The Biomet case is an example of compliance failures at the lowest and highest levels, which is reflected in the unfolding story of potential Foreign Corrupt Practices Act (FCPA) violations among Wal-Mart's Mexican unit. Alleged to have paid $24 million in bribes to expand its Latin American business, Wal-Mart said in April that it's cooperating with an ongoing investigation.
“The connections between what appears to have happened with Wal-Mart [in Mexico] and what happened with Biomet are very interesting because they both involve two breakdowns, one on the ground—the low-level management side where the sales are taking place—and the other with senior management just not doing what they should have been doing,” says Matteson Ellis, an international anti-corruption attorney.
In both cases, it appears that executives or high-level employees knew about the payments. Wal-Mart CEO Mike Duke and former CEO Lee Scott are alleged to have been aware of the Latin America situation.
When there's evidence that executives had knowledge of payments and either turned a blind eye or did nothing to stop it, the seriousness of the violation increases multifold, says Michael Weinstein, chair of the white collar practice at Cole, Schotz, Meisel, Forman & Leonard and a former Department of Justice trial attorney.
“Sometimes it's three strikes and you're out,” Weinstein says. “The government is not pleased when a company finds out about payments, executives are involved, and they do nothing to stop it and nothing to reveal it to the government. Those are not good facts for either of these companies.”
The
“The connections between what appears to have happened with
In both cases, it appears that executives or high-level employees knew about the payments.
When there's evidence that executives had knowledge of payments and either turned a blind eye or did nothing to stop it, the seriousness of the violation increases multifold, says Michael Weinstein, chair of the white collar practice at
“Sometimes it's three strikes and you're out,” Weinstein says. “The government is not pleased when a company finds out about payments, executives are involved, and they do nothing to stop it and nothing to reveal it to the government. Those are not good facts for either of these companies.”
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