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Probe continues in Wal-Mart bribery case, may face sizeable fines

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In April the newspaper reported that Wal-Mart had stifled an internal probe into bribery at its Mexican affiliate Walmex, but gave the impression that many of the bribes paid may have been used to facilitate approval processes already in motion.

“I think the Times story, if it is true, changes the perception of the Wal-Mart matter from being about facilitating payments to something larger than that,” said Danforth Newcomb, an expert on US Foreign Corrupt Practices Act (FCPA) who defends such cases at the law firm Shearman & Sterling.

The latest story describes, for example, $765,000 in bribes that helped Wal-Mart build a refrigerated distribution center in an environmentally fragile area where electricity was scarce and smaller developers were turned away. It also describes in detail how Wal-Mart allegedly paid $52,000 to change a zoning map so it could open a store near the ancient pyramids in Teotihuacan.

It is difficult to put a ballpark figure on any settlement, especially because the US investigation into Wal-Mart is in early stages, but experts said it could rival other major FCPA cases.

In the largest FCPA case to date, Siemens paid $800 million to resolve allegations of widespread bribery in 2008. In other sizeable cases, KBR and its former parent Halliburton paid $579 million in 2009, and BAE Systems paid $400 million in 2010.

Wal-Mart declined to provide additional comment on Tuesday. On Monday, Wal-Mart said that the allegations in the Times report have been part of the investigation of potential FCPA violations the company began conducting more than a year ago.

The company is cooperating with the US Justice Department and the U.S. Securities and Exchange Commission on the matter.

Representatives of the SEC and DOJ declined to comment.

POTENTIAL FINES

The Justice Department usually calculates fines in foreign bribery cases by either levying a per-violation fine or a penalty tied to the profits a company earned through the alleged bribery. Related SEC settlements usually also involve disgorging profits earned due to the bribery. Including Walmex’s profits at stores throughout Mexico could prove a sizable fine. It is unclear how many of the roughly 2,000 locations in Mexico could be included. In 2011, Walmex posted gross profit of nearly 83.7 billion pesos.

In 2004, the year in which it allegedly pushed for zoning to open the store near the ancient pyramids, Walmex’s gross profit was 28.84 billion pesos. The 2011 results include Central America.

When calculating potential fines, prosecutors take into account how widespread the conduct was, and whether senior management knew about it or were involved in any way. Wal-Mart has said it is investigating allegations related to its operations in Brazil, India, and China.

“Wal-Mart de Mexico didn’t stumble into a bit of bribery. If the allegations are correct, it used systematic bribery as part of its business strategy as a way to grow,” said Richard Cassin, an FCPA expert and author of a popular FCPA blog.

The company’s costs to conduct the entire investigation – which already stand at $100 million – could be larger than its eventual fines, lawyers said.

Wal-Mart has also been proactive with other measures that could blunt some of the demands from authorities. When settling FCPA cases, companies are usually required to make some management changes and overhaul their compliance programs.

In October the company said it reorganized its compliance department and created a new global chief compliance officer position as part of an overhaul of its anti-corruption efforts.

It said then that it spent more than $30 million to update its anti-corruption program, named a new chief compliance officer for Wal-Mart International and a new vice president of global investigations, which are both new positions for the company. It also previously created a new global FCPA compliance officer position.

Reuters

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Crime: protests in Puerto Rico and off of the island as ' Todos Somos Jose Enrique ' movement continues

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Explosive Growth in Williston Continues

Williston just won’t stop growing!

In mid-February, we mentioned on the Summit Energy Services blog that Forbes had recognized the North Dakota town as the “6th Fastest Growing Small Town.”

We are happy to share with our readers that the impressive growth trend continues with a ton of exciting projects on the books moving forward, including a new retail center, restaurant, dollar store and recreation center.

Below are a few additional details on each of the aforementioned new additions to the Williston community, as well as links to find out more information on each of them. If you know of anything else exciting coming to Williston, please leave the details in the comment section.

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Details Finally Out on Sand Creek Towne Center

The first phase of the development is set to break ground in April and will be fully operational by Fall 2012. At this point the only confirmed businesses are Menards and a movie theater – Sand Creek Cinema 14. A press release from the commercial real estate company handling the sales and leasing for the retail space said additional phases will be completed in 2013.

For more information, visit HERE.

Elks Lodge to be Renovated, Become “The Williston”

The Elks Lodge is heading for a renovation that will turn the Elks Lodge into a boutique hotel, restaurant and bar by June 2012. The restaurant will be an upscale location that features steak and seafood.

According to the Williston Herald, owner Joel Lundeen said the hotel rooms will be 900 square feet each with full kitchens. They will offer a luxury-living that is not currently offered in Williston.

There will also be additional office space for lease in the building.

For more information, visit HERE.

Basin Dollar and More now Open

On February 15, Carol Finkbeiner held a grand opening for her new store – Basin Dollar and More. The store is and independent retail location with items priced from $1 – $3. The store currently features ballons, party supplies, kitchen and bathroom items, tools and cards. Within the next few months the store will carry food items.

For more information, visit HERE.

New Rec Center Approved

Recently the Williston Park Board approved plans for a new 205,491 square foot building that will be more than two times the size of the West River Community Center in Dickinson. The building will cost almost $67 million and will feature a 25,000 square foot waterpark, a 53-meter lap pool, a fitness center, gym space, indoor track and much more.

For more information, visit HERE.

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