CVC examines top Walmart officials over alleged corruption

Amid allegations that the company gave bribes to government officials to get customs clearances and obtain permits to set up stores in India, the Central Vigilance Commission (CVC) is examining top executives of US-based world's biggest retailer Walmart.

Balance sheets of the past seven years have been submitted and the company has sought more time to furnish more documents as required by CVC. CVC officials say they had summoned Walmart's officials following which, two of their senior executives including the company’s India head were examined. Meanwhile Walmart has sought time till December 15 to submit more documents relevant in the case.

This would perhaps be the first time that CVC started investigations involving a private company. In a statement, Walmart spokesperson stated it responded to the CVC's summons and added that Walmart is committed to operating in a responsible and legal manner, wherever they do business and compliance with anti-corruption laws in the US and all international markets is a key priority for them. He added that this was the reason why they work closely with third-party compliance experts on support and training, as they continuously review and strengthen their programmes around the world.

After taking suo motu cognisance of the matter, the CVC made this move and as per report in Wall Street Journal, it had found evidence that to get customs clearances and obtain real-estate permits of Walmart Stores Inc allegedly paying ‘thousands of small bribes to local officials’ in India.