Here’s an eye-popper from today’s Friday Roundup in Mike Koehler’s FCPA Professor blog:
Wal-Mart recently stated (here) that it has incurred “$157 million of professional fees and expenses related to the ongoing” FCPA matter during its last fiscal year and that it expects to incur an additional ”$40 to $45 million for the first quarter of fiscal 2014.”
During Wal-Mart’s recent earnings conference call, a company executive stated as follows:
“On FCPA, we continue to work closely with anticorruption compliance experts to review and to assess our programs and help us implement concrete steps for each particular market. In the various markets, these experts have spent tens of thousands of hours on anti-corruption support and training. We remain committed to follow all laws and regulations in the markets where we operate.”
The $157 million Wal-Mart spent in the last FY equates to approximately $604,000 in professional fees and expenses per working day.