Vast Mexico Bribery Case Hushed Up by Wal-Mart After Top-Level Struggle Confronted with evidence of widespread corruption in Mexico, top Wal-Mart executives focused more on damage control than on rooting out wrongdoing, an examination by The New York Times found. WHAT DOES THIS MEAN FOR COMPANY? SHAREHOLDERS?
What a joke! What!, you mean to tell me there Is wide spread corruption in MEXICO!!?? You've got to be kidding me- GOOD WORK New York Times, where have you been for The last 200 years lol every thing was fine down here until Walmex came along! GET REAL NYT/USDOJ...
Already known about by stockholders. Hopefully price already reflects this snafu.
According to the Times, Wal-Mart acted on the information by swiftly conducting its own investigation -- and then just as swiftly moving to conceal it from U.S. and Mexican authorities.
"We are working hard to understand what occurred in Bentonville more than six years ago and are committed to conducting a complete investigation before forming conclusions," said David Tovar, Wal-Mart's vice president of corporate communications.
He added that Wal-Mart has already met with the U.S. Department of Justice and the Securities and Exchange Commission, and that it disclosed the investigation to shareholders in a regulatory filing in December.