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Wal-Mart launches internal probe into overseas compliance
Bentonville, Ark. -- Wal-Mart Stores Inc. revealed Thursday it has launched an internal investigation into whether its overseas operations complied with the U.S. Foreign Corrupt Practices Act in matters including permitting, licensing and inspections.
Few details about the internal probe have been released, but the retailer revealed the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission. The law in question deals with bribery and accounting rules when companies are doing business overseas.
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Wal-Mart files plan to sell Walton-controlled shares
Bentonville, Ark. -- A Friday report by Reuters said that Wal-Mart Stores Inc. disclosed an agreement Thursday to sell more than 70 million shares by a firm controlled by members of the founding Walton family.
Walton Enterprises LLC, controlled by S. Robson Walton, Alice L. Walton, Jim C. Walton and the John T. Walton Estate Trust, registered for sale 70,615,608 shares of company stock. That represents about 2% of Wal-Mart's outstanding shares.