BC Business
Walmart stores | BCBusinessWalmart allegedly paid millions in bribes to accelerate the construction of dozens of its stores in Mexico.
The retailer is accused of covering up an investigation into millions of dollars in bribes linked to its Mexican subsidiary. This weekend retail behemoth Walmart was focused on the type of green that doesn’t involve recycling.
This weekend retail behemoth Walmart was focused on the type of green that doesn’t involve recycling. On Saturday The New York Times revealed some damning details linking Walmart’s Mexican subsidiary to millions of dollars in bribes. Executives at Walmart de Mexico reportedly paid more than $24 million in bribes to accelerate construction on dozens of stores around the country. But the story doesn’t end there. Apparently, a former employee made U.S. executives aware of the widespread corruption in late 2005. Walmart responded with an internal investigation uncovering many of the reported transactions, but halted the probe and didn’t report findings to federal authorities in the U.S. or Mexico. Walmart de Mexico, or Walmex as it’s commonly known, has seen exponential growth over the last decade. Currently, Walmart is Mexico’s single largest employer. If the allegations prove true, the company faces heavy fines under the Foreign Corrupt Practices Act and a federal probe that would assuredly put a kink in Walmart’s plans for world domination.