by Mark Carter
Posted 11/15/2012 03:20 pm
Updated 7 months ago
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.