Walmart is likely to incur losses relating to bribery allegations in Mexico. The allegations surfaced last year and centred on company representatives reportedly bribing officials in Mexico in support of new store openings. The disclosure was made in Walmart’s recently filed annual report.

The matter cost Walmart $157m (£103.5m) in the financial year ended January 31, but this is expected to rise. The retailer said it was unable to estimate at present the extent of losses it would ultimately accrue because of the complexity of related probes and an internal review.

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