On Monday, its shares fell 4.6% after the New York Times said Wal-Mart officials had paid millions in bribes to expand in Mexico and covered it up.
Wal-Mart said that the allegations were six years old. "We are working quickly to determine what happened," the company said.
The article alleged that company officials had been informed in 2005 that bribes totalling more than $24m had been paid to obtain construction permits in Mexico and hushed up the investigation.
The company said it had created a new role of global FCPA compliance officer.
That refers to the Foreign Corrupt Practices Act, which prevents US corporations from bribing officials outside of the US to advance their interests.
"This position will have responsibility for compliance with the FCPA in every market around the world and will oversee five FCPA compliance directors based in the international markets," Wal-Mart said.
"In March 2011, Wal-Mart president and chief executive Mike Duke directed the company to conduct a worldwide FCPA compliance review designed to ensure effective policies and procedures are in place in every country in which we operate."
In 2011, the US Justice Department opened a FCPA investigation into Wal-Mart.
"We will not tolerate noncompliance with FCPA anywhere or at any level of the company."
A new investigation has been launched, Bloomberg News reported.
One of the officials that the New York Times named as a "driving force" behind bribery in Mexico, Eduardo Castro-Wright, quit the board of the insurer MetLife on Tuesday.
He was due to retire this year.
Following the allegations, two US congressmen have started an investigation and asked for a meeting with Wal-Mart's chief executive.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
us stock
- U.S. Stock Futures news today february 14 2013
- U.S. stocks market rose today Rise on Earnings
- Barack Obama invited congressional leaders to the White House a last-ditch effort to broker a deal
- NASDAQ, Dow Jones, S&P Analysis today dec 27 2012
- Chart S&P 500 price target forecast 2013
- Impact U.S. budget crisis stock market drop
- U.S. stock Dow Jones futures Down today
- Analysis Stock market down november 15 2012
- U.S. stock futures Dow Jones rose november 12 2012
- analysis S&P 500 index next week nov 12-16 2012
- Why Stocks market and dollar down after obama win
- Hurricane Sandy will close U.S. stock markets
- Stock market will focus US election next week october 29 2012
- Why Wall Street Stock down october 17 2012
- Impact U.S. Presidential election on financial market november 2012
- U.S. stock futures ahead of payrolls report 10/5/2012
- U.S. stock futures Dow Jones up 9/28 2012
- Dow jones futures outlook september 12 2012
- U.S. stock Dow Jones futures higher september 11 2012
- US. Stocks Market closed september 4 2012
- US. Stock futures higher wait Bernanke speech 8-31-2012
- US Stock Dow jones Futures Down 8/30/2012
- U.S. Stocks Movers 8/27/2012
- US. Stock dow jones futures fell 8/27/2012
- S&P 500 outlook next week august 27-31 2012
No comments:
Post a Comment