CNN Money reports that Wal-Mart is expanding its foreign corruption probe.
Wal-Mart, as anyone with even a passing interest in business news may remember, is in a little hot water for alleged money laundering and tax evasion out of its Mexico subsidiary, Walmex.
Well, turns out Wal-mart has reason to expand its internal probe to its operations in Brazil, China and India. Here's more on the Mexican investigation from CNN:
Last spring, Wal-Mart said it had been conducting an "extensive investigation" since 2011 into its compliance with a federal law that prohibits American companies from bribing foreign officials. The investigation stems from allegations that Eduardo Castro-Wright, the former CEO of Wal-Mart de Mexico and former head of Wal-Mart U.S., orchestrated $24 million worth of alleged bribes in Mexico to streamline construction projects, dating from 2005.
The article says Wal-Mart has spent more than $35 million in "compliance review efforts" over the last year and a half. And there's this:
Shares of Wal-Mart were down 3% in premarket trading despite reporting slightly better-than-expected third quarter earnings early Thursday and raising the low end of its full-year earnings guidance.
- FCC Approves Sinclair's $1B Deal to Buy Allbritton TV Stations, Including KATV
- Southern Gourmasian to Open Restaurant in Downtown Little Rock
- Jerry Barakat Opening Japanese Restaurant in Hillcrest
- Brandon Barber Should Serve About 20 Years, Feds Say 17 hours ago
- Mo Money, Uber Problems (Robert Coon On Politics) 3 days ago
- Report: Adding Vision, Dental Would Cost $43M 19 hours ago
- State Higher Ed Board OKs Osteopathic School at Arkansas State 13 hours ago
- Peco Foods Announces Northeast Arkansas Plant, 1,000 Jobs 5 months ago