Walmart paid lots of bribes in India
In a major report, The Wall Street Journal said Wal-Mart's "suspected bribery" unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs or obtain real-estate permits.
"The vast majority of the suspicious payments were less than US $200 but when added together they totalled millions of dollars," the daily said.
The question is what magic can Modi do so multinationals can actually MAKE IN INDIA and operate in India without this bribery menace.
Share your views.
In 2013, Wal-Mart shelved plans to open retail stores in India by severing a joint venture with Bharti Enterprises Ltd and instead decided to become solely a wholesaler there, the report said.
Wal-Mart, who was pushing the previous UPA regime for opening of the multi-brand retail sector was also involved in lobbying before the US Congress in this regard, Congressional disclosure reports have said in the past few years.
According to the report, Wal-Mart's massive bribery efforts is unlikely to bring in any penalty on it as its Indian operation does not yield any profit under the provisions of the Foreign Corrupt Practices Act (FCPA) of the United States.
"Because penalties under the FCPA are often connected to the amount of profit the alleged misconduct generated, the payments in India wouldn't be likely to result in any sizable penalty, since Wal-Mart's operations there haven't been particularly profitable, said people familiar with the matter," the daily reported.
There was no immediate response from Wal-Mart's corporate headquarters in the US on the Wall Street Journal's report on its bribery in India.
According to The Wall Street Journal, federal investigators "found evidence of bribery in India, centering on widespread but relatively small payments made to local officials there," during the course of its "high-profile federal probe" into allegations of widespread corruption at Wal-Mart Stores Inc's operations in Mexico.
The investigations though have found little in the way of major offenses in Mexico, and is likely to result in a much smaller case than investigators first expected, the daily said more
"The vast majority of the suspicious payments were less than US $200 but when added together they totalled millions of dollars," the daily said.
The question is what magic can Modi do so multinationals can actually MAKE IN INDIA and operate in India without this bribery menace.
Share your views.
In 2013, Wal-Mart shelved plans to open retail stores in India by severing a joint venture with Bharti Enterprises Ltd and instead decided to become solely a wholesaler there, the report said.
Wal-Mart, who was pushing the previous UPA regime for opening of the multi-brand retail sector was also involved in lobbying before the US Congress in this regard, Congressional disclosure reports have said in the past few years.
According to the report, Wal-Mart's massive bribery efforts is unlikely to bring in any penalty on it as its Indian operation does not yield any profit under the provisions of the Foreign Corrupt Practices Act (FCPA) of the United States.
"Because penalties under the FCPA are often connected to the amount of profit the alleged misconduct generated, the payments in India wouldn't be likely to result in any sizable penalty, since Wal-Mart's operations there haven't been particularly profitable, said people familiar with the matter," the daily reported.
There was no immediate response from Wal-Mart's corporate headquarters in the US on the Wall Street Journal's report on its bribery in India.
According to The Wall Street Journal, federal investigators "found evidence of bribery in India, centering on widespread but relatively small payments made to local officials there," during the course of its "high-profile federal probe" into allegations of widespread corruption at Wal-Mart Stores Inc's operations in Mexico.
The investigations though have found little in the way of major offenses in Mexico, and is likely to result in a much smaller case than investigators first expected, the daily said more
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Not only Modi , there is no one in this country who can eliminate bribery menace in India , because it has infused in the blood of Indians now. Bribe has become the way of Life in India and Large number of Indians do not feel any hesitation or problem in bribing. Right from the birth of a child , Hospital staff are bribed up to the last rites performed at the place ( the incharge and staff of samsaan bhoomi are especting and paid bribes ) . So, Mishra ji , it is up to the MNC to get involved and adopt the the way of this culture and make the Dream of Make in India true . more
Oct 24
Even today head scratching after doing a minor job in govt office is common, that is the reason why Modi govt wants to do bring Digital India which will avoid human intervention more
Oct 22
only way corruption can be controlled is by having strict ,deterent and effective measures agaist bribe takers and givers. the govt needs to plug the loopholes and also hav more transparency in documentations etc by using technology, and vigilence machinery. Off course laws may need modifications. more
Oct 21
Govt or connected department should check the malpractices in businesses and take corrective action to abolish corruption G.K.Naidu, Hyderabad more
Oct 21
Small scale palm greecing has already become a part of Indian burocratic life style which adversely affect the life of the poor. This is one of the main reasons for the massive franchise for Modi. Taking bribes from foreigners to tarnish the countr's image is next to treason and should be treated as such. The public will be behind the PM if it irequires amending the IPC to book them. The election retoric is one thing but its implementation is a harder and time consuming reality. Let us look forward to him and the party to give stringent punishment to the patasites. Dr. V. J. Philip more
Oct 21
