April 24 (Reuters) – Wal-Mart Stores Inc said on
Tuesday it has appointed a global officer to oversee compliance
with a U.S. law that forbids bribes to foreign officials as it
grapples with a bribery scandal that has led to more than $10
billion being cut from its market value.
The move is one of the steps the world’s largest retailer
has taken in the past year to manage issues related to the U.S.
Foreign Corrupt Practices Act, a 1970s law that forbids bribing
(Reuters) – Allegations that Wal-Mart Stores Inc stymied an internal investigation into extensive bribery at its Mexican subsidiary is likely to lead to years of regulatory scrutiny and could eventually cost some top executives their jobs, analysts said.
The New York Times said that in September 2005, a senior Wal-Mart lawyer received an email from Sergio Cicero Zapata, a former executive at the company’s largest foreign unit, Wal-Mart de Mexico, describing how the subsidiary had paid bribes to obtain permits to build stores in the country.