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Wal-Mart busts its FCPA budget

Wal-Mart said Thursday it spent $73 million on FCPA-related expenses during the first quarter of 2013. It had budgeted $40 million to $45 million.

During its prior fiscal year, it spent $157 million for FCPA matters.

It expects to spend $65 million to $70 million in the second quarter.

The disclosures came during a scripted conference call Thursday from Wal-Mart CFO Charles Holley to reporters.

The company has said it can’t tell when its internal investigation might end or when it will resolve the DOJ and SEC investigations.

Wal-Mart started its internal investigation in 2011.

Last year, the New York Times reported in a Pulitzer Prize-winning story that the company’s Mexico unit paid $24 million in bribes to speed up licensing and permitting for new stores. The paper said top managers in the U.S. covered up the bribery after learning about it.

During Thursday’s conference call, Wal-Mart said it spent $44 million on the investigation during the first quarter of this year and $29 million for a global compliance review, program enhancements, and organizational changes.

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