Arab Today, arab today walmart probes bribery allegations
Last Updated : GMT 10:09:30
Arab Today, arab today
Arab Today, arab today

Wal-Mart probes bribery allegations

Arab Today, arab today

Arab Today, arab today Wal-Mart probes bribery allegations

New York - AFP

Wal-Mart, the world's largest retailer, said it is probing allegations its managers in Mexico employed a widespread campaign of bribery to secure and expand the company's presence in the country. "This work is ongoing and continues today," David Tovar, vice president of corporate communications, said in a statement late Saturday following a report by The New York Times that unearthed illicit payments and an apparent effort to cover them up. "We don't have a full explanation of what happened," the spokesman added. The Times report alleged that Wal-Mart was made aware of the bribery campaign by Wal-Mart de Mexico, the retail giant's largest non-US subsidiary, to win market dominance and to keep the effort hidden from US headquarters. When it was revealed however there was a failure to investigate or remedy fully. In 2005, a high-ranking company attorney received an email from a former Wal-Mart de Mexico executive first revealing the clandestine campaign which aimed to rapidly expand throughout the country, according to the Times. When the Arkansas-based US retailer sent investigators to Mexico City they quickly uncovered widespread bribery, the Times said. An internal probe found a paper trail, said the report, amounting to over $24 million in suspected payments. In a report back to headquarters, the Wal-Mart's top investigator said there was "reasonable suspicion to believe that Mexican and USA laws have been violated," said the Times. While the lead investigator urged a broader probe, however, an examination by The New York Times found Wal-Mart's leaders shut it down, and that there was a failure to alert either US or Mexican authorities to the matter. Meanwhile top Wal-Mart de Mexico executive Eduardo Castro-Wright, found to be a leader of the bribery campaign, was elevated to vice chairman of Wal-Mart in 2008, the paper noted. Tovar said in his statement the company was "deeply concerned," but downplayed the immediacy of the allegations. "Many of the alleged activities in The New York Times article are more than six years old," said Tovar. "If these allegations are true, it is not a reflection of who we are or what we stand for. We are deeply concerned by these allegations and are working aggressively to determine what happened." "We will not tolerate noncompliance with FCPA (US Foreign Corrupt Practices Act) anywhere or at any level of the company," he added. However, Tovar denied that the US government knew nothing about the probe. "We have met voluntarily with the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to self-disclose the ongoing investigation on this matter," he said. He added that Wal-Mart management had also filed a statement in December to inform its shareholders of the investigation. "The company's outside advisors have and will continue to meet with the DOJ and SEC to report on the progress of the investigation," the spokesman pointed out. "We don't have a full explanation of what happened. It would be inappropriate for us to comment further on the specific allegations until we have finished the investigation," Tovar added. Wal-Mart became the world's largest retailer by slashing the costs of supply and overhead, and passing much of those savings on to the consumer. It was an act that competitors, including mom and pop stores, often found impossible to match. But in recent years the company has seen fierce competition surge from online retailers like Amazon, which -- without the cost of running physical stores -- in many cases have been able to match or even beat Wal-Mart at price-cutting.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today walmart probes bribery allegations Arab Today, arab today walmart probes bribery allegations

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today walmart probes bribery allegations Arab Today, arab today walmart probes bribery allegations

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday