Recent

% | $
Quotes you view appear here for quick access.

Wal-Mart Stores Inc. Message Board

  • cathyrr17 cathyrr17 Jun 26, 2013 3:25 PM Flag

    Walmart has plenty of money for bribes

    But jack squat for it's employees.

    New Delhi: US retail major WalMart on Wednesday announced a top level change in its Indian operations with President Raj Jain being replaced by Ramnik Narsey, who is currently Senior Vice-President for Walmart International, with immediate effect.

    The company, which has been facing investigations from Indian authorities over its investment in one of the business entities of its Indian partner Bharti Enterprises, said in a statement: "...effective immediately, Ramnik Narsey, senior vice president for Walmart International, will serve as interim leader for Walmart's business in India.

    "He is replacing Raj Jain, who is no longer with the company." Sources said the announcement of Jain's departure from the company was made this morning to the employees of the Indian operations by Walmart Asia President and CEO Scott Price, who had flown down from Hong Kong.

    Comments from Jain could not be obtained as calls made remained unanswered. Jain's removal comes in the backdrop of investigations by Walmart over allegations of corruption against it in foreign markets, including India. In March 2011, the US-based company had started a worldwide review of its policies, practices and internal controls for Foreign Corrupt Practices Act (FCPA) compliance.

    The Enforcement Directorate has also been probing the Rs 455.8 crore investment by Walmart in Cedar Support Services Ltd, a subsidiary of Bharti Ventures, for alleged "illegal" investments and flouting of FDI rules under the FEMA and Prevention of Money Laundering Act (PMLA).

    Bharti Enterprises has, however, rejected the allegations that it had violated any rule in this regard. The company had said all the procedures were as per the "law of the land". Jain had joined Walmart in 2006 and was named head of Walmart India in 2007. During his tenure, wholesale cash-and-carry joint venture with Bharti Enterprises, back-end services and consulting businesses were established.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I guess you missed the announcement a few weeks ago by the Indian government that there are no bribes by WMT in India. But, don't let the facts get in your way of smearing WMT. The guy to replace the head of Indian operations was done a few weeks ago, so this was a planned thing.

      Sentiment: Strong Buy

      • 4 Replies to shep21998
      • I guess you missed the announcement a few weeks ago by the Indian government that there are no bribes by WMT in India.

        Welfare Mart must have made the Indian Government agree to make that bogus announcement. LMFFAO You need to do better than that Shep. Only a complete moron could possibly consider believing Shep.

        Sentiment: Strong Sell

      • I guess your really miss how things work down in Dixie. You find the local mayor, who is a complete jerkoff, get him laid by a fat #$%$ and next thing anybody knows, there is a Welfare Mart on Main Street getting subsidies from the government. Those days are gone, Fatty.

      • It's funny you have reached a conclusion. When it's still being investigated. But you just keep right on sticking up for this slimeball company Shep. It really is getting pathetic.

      • duh!

        funny how they spent over $24 million on them in Mexico and have spent over $157 million having their lawyers to investigate the facts that they knew in the first place...

        That's almost $200 million...

        oh!

        and they fired people in India back in November....

        but nothing in wrong there...

        yea right...!!

        Even the main man in India just left Wal*Mart...

        but ,,,

        duh!!!!!!

        nothing wrong...

        Shep...

        maybe you need to hop in your toyota RV and check it out...

        this O'fart heard the nice people of India purdy much told Wal*Mart to kiss their butts...

        but ...

        duh!

        nothing is wrong in India...

        and what about China...

        Didn't Wal*Mart lose market share in China the first six months of this year...

        With the way Wal*Mart deprives those nice folks in China from purchasing foreign items by putting less than 5% foreign in all their stores there...

        this O'fart can't blame them if they all shop somewhere else...

 
WMT
71.98-0.18(-0.25%)Jul 31 4:01 PMEDT