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Wal-Mart suspends India CFO

Wal-Mart's India joint venture suspended its chief financial officer and others during a growing global bribery investigation.

Earlier this month, Wal-Mart said its FCPA investigation that started in Mexico had expanded at least to Brazil, China, and India.

Wal-Mart's 50-50 partner in India is Bharti Enterprises.

In April, the New York Times published an account about $24 million in bribes paid by Wal-Mart's Mexican subsidiary for licenses to expand throughout the country, and a massive cover up of the bribes after they were discovered as early as 2005.

A spokesperson for Bharti Walmart said it suspended 'a few associates to ensure a complete and thorough investigation.'

Wal-Mart's U.S. office didn't comment.

Reader Comments (1)

Here again the hammer has fallen on soft target-perhaps a native employee of the JV. Without second-guessing on judicial process, no American entity/person will be prosecuted as they are always kept insulated.These MNCs will continue to sugar-ride on local infrastructure and vulnerabilities.I think the Top Management of these companies,not the workers should be pursued.No employee can do unethical work without connivance.
November 23, 2012 | Unregistered CommenterVishnu Goel

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