Arab Today, arab today walmart replaces india director after bribery probes
Last Updated : GMT 16:56:30
Arab Today, arab today
Arab Today, arab today

Walmart replaces India director after bribery probes

Arab Today, arab today

Arab Today, arab today Walmart replaces India director after bribery probes

New York - AFP

Walmart confirmed Wednesday that it has replaced the head of its division in India, where the company faced probes last year on whether it paid bribes to expand its retail business. Raj Jain, head of Walmart India since 2007, \"is no longer with the company,\" Walmart said in a brief statement, without giving a reason for his departure. Walmart appointed Ramnik Narsey, senior vice president for Walmart International, to serve as interim leader for the India operation. \"Ramnik brings significant management and leadership experience to the role,\" said Scott Price, chief executive for Walmart Asia. \"We remain optimistic about our business in India and look forward to our future in India under Ramnik\'s leadership.\" Jain, head of Walmart India since 2007, was in charge last year when the company was accused of bribery as it pushed to expand into the retail sector after having built a large wholesale presence in the market. After the Indian government allowed foreign supermarkets to establish joint ventures in the country, the world\'s biggest retailer said it aims to open its first retail store there by early 2014. Walmart, along with joint-venture partner Bharti, owner of India\'s top mobile phone firm, already runs 18 wholesale stores in India, supplying retailers and restaurants. In November, Bharti Walmart confirmed that it suspended \"a few\" employees pending the outcome of the company\'s own probe into whether bribes were paid to promote its India business. According to media reports in May, an investigation into the allegations led by a retired Indian judge was closed due to lack of evidence. Walmart has faced accusations of corrupt practices in several key markets where it has expanded aggressively. In April 2012, Walmart disclosed that it opened an internal investigation into its operations in Mexico following a New York Times report alleging the company paid $24 million in bribes to officials there. The company probe was later expanded to operations in a number of international markets, including Brazil, China and India. The main US operating company, Wal-Mart Stores, Inc., said in a May securities filing that it is cooperating with US Department of Justice and Securities and Exchange Commission probes of possible violations of the Foreign Corrupt Practices Act. Walmart said first-quarter expenses related to the FCPA matters came in at $73 million, and that it could spend as much as $70 million on them in the second quarter.  

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Arab Today, arab today walmart replaces india director after bribery probes Arab Today, arab today walmart replaces india director after bribery probes

 



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