On June 20 and June 25, the U.S. Department of Justice announced that Walmart and TechnipFMC had entered into respective settlement agreements for each company’s alleged violations of the Foreign Corrupt Practices Act (FCPA). As part of their deferred prosecution agreement, TechnipFMC agreed to pay $296 million in fines for their alleged conspiracy to bribe companies associated with Brazilian consultant Zwi Skornicki. For Walmart, the DOJ determined that the retail giant’s subsidiaries in Brazil, China, India, and Mexico did not have adequate anti-corruption programs, which allowed for the alleged bribery of local officials to obtain store permits. As a result, Walmart agreed to pay a total of $282 million in fines to the DOJ and the Securities Exchange Commission and submit to the presence of a corporate monitor.
For more information on how this could impact your business, contact:
- Martin Lutz, Partner (mlutz@mcginnislaw.com, 512-495-6024)
- Lindsey Roskopf, Attorney (lroskopf@mcginnislaw.com, 713-615-8534)
- or another member of the McGinnis Lochridge International Trade and Transactions Practice Group