October 6, 2016 / 5:32 PM / in a year

Wal-Mart rejects settlement with U.S. over alleged bribery: Bloomberg

(Reuters) - Wal-Mart Stores Inc (WMT.N) rebuffed a proposal by U.S. prosecutors to pay at least $600 million to settle a corruption probe into the company’s practices in markets including Mexico, India and China, Bloomberg reported, citing people familiar with the matter.

People passes by a sign welcoming to a Wal-Mart store in Monterrey, Mexico, August 10, 2016. REUTERS/Daniel Becerril/File Photo

Prosecutors have now gone back to seek more evidence about the company's alleged bribery in Mexico to put pressure on the retailer to settle, Bloomberg reported. (bloom.bg/2e5W54p)

Some of Wal-Mart’s actions in Mexico may be too old to prosecute, the report said.

Officials are working to strike a deal with the Bentonville, Arkansas-based company before a new U.S. administration takes over in January, according to the Bloomberg report.

Wal-Mart is cooperating fully with the government and compliance with the US Foreign Corrupt Practices Act (FCPA) and other anti-corruption laws is a key priority, company spokesman Greg Hitt said.

The U.S. Department of Justice has been conducting a long-running investigation into potential misconduct by Wal-Mart, including violations of FCPA, in some overseas markets, including China, Brazil, India and Mexico.

Wal-Mart is also facing a class-action lawsuit filed by its shareholders including a Michigan pension fund, accusing it of defrauding shareholders by concealing suspected bribery to help it expand faster in Mexico.

Reporting by Abhijith Ganapavaram and Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta

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