The Mexican bribery scandal engulfing Wal-Mart rattled investors Monday, sending shares of the company down nearly 5%, and its Mexican subsidiary down over 10%. The key question now is how much damage the scandal will do to the world’s largest retailer.
FAYETTEVILLE, Ark. — Wal-Mart Stores Inc announced a new US$15-billion repurchase plan at its annual meeting on Friday and emphasized the advancement opportunities its workers have, even as a small but vocal group of workers complained that they cannot make enough money working for the world’s largest retailer.
Wal-Mart is looking into allegations that it engaged in a multiyear bribery campaign in Mexico. It could pay hundreds of millions of dollars in legal expenses and penalties to resolve the allegations.Wal-Mart Stores Inc.
Wal-Mart shares plunged nearly 5% in pre-market trading this morning, as investors weighed allegations that Wal-Mart officials bribed Mexican officials to quicken growth and then tried to cover up the corruption. Executives from Wal-Mart?s Mexican subsidiary reportedly used systematic bribery to receive building permits across the country, according to The New York Times story that ...