logo
  Join        Login             Stock Quote

Wal-Mart (WMT) CEO Aware Of Mexico Bribery, Lawmakers Say

 January 10, 2013 01:16 PM
 


(By Balachander) Wal-Mart Stores Inc. (NYSE: WMT) Chief Executive Officer Michael Duke was informed of bribery allegations related to the retailer's Mexican unit as early as 2005, two U.S. lawmakers said.

Internal company documents appear to show that Duke and senior Wal-Mart executives had specific knowledge as early as 2005 about the bribery allegations associated with Wal-Mart's controversial store in Teotihuacan, Mexico, the lawmakers wrote in a letter to Duke. 

The documents contradict the company's claims that senior executives had no knowledge of these allegations, Democratic Representatives Henry Waxman of California and Elijah Cummings of Maryland said in the letter.

[Related -Target Corporation (TGT) Dividend Stock Analysis]

Cummings and Waxman said "documents obtained by our staffs from a confidential source indicate that you and other senior Wal-Mart officials were personally informed about these bribery allegations on multiple occasions."

These documents and e-mails call into question your company's statement that "[n]one of the associates we have interviewed, including people responsible for real estate projects in Mexico during this time period, recall any mention of bribery allegations related to this store." 

Cummings and Waxman requested that Duke explain his knowledge of the Teotihuacan bribery allegations by January 24, 2013.

"It would be a serious matter if the CEO of one of our nation's largest companies failed to address allegations of a bribery scheme," lawmakers said.

[Related -Costco Wholesale Corporation (NASDAQ:COST) Q1 Earnings Preview: Membership Fees Or Bust]

WMT shares, which have been trading in the 52-week range of $57.18 to $77.60, shed 0.53 percent to trade at $68.21 on Thursday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

article imageHoliday Fever Takes Hold Of Stock Investors, But A Pullback Is Needed

With warmer weather arriving to melt the early snowfall across much of the country, investors seem to be read on...

article imageIs 0% Growth For 90% A Successful Economic Model?

Via Greg Mankiw I read the review of Piketty's book by Deirdre McCloskey. The review reminds me of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.