(Reuters) - A Mexican state governor implicated in a bribery scandal involving Wal-Mart Stores Inc sued a former lawyer-turned-whistleblower for the company and sought an apology for naming him in connection with the scandal. The lawsuit adds another layer of intrigue around a scandal that has dogged the company and its Mexican affiliate, Walmex . On Wednesday, Walmex released a statement saying it had made no allegations involving illicit acts by public officials in Mexico. ...
(Reuters) - A Mexican state governor implicated in a bribery scandal involving Wal-Mart Stores Inc sued a former lawyer-turned-whistleblower for the company and sought an apology for naming him in connection with the scandal.
According to Reuters, Wal-Mart de Mexico S A B de C V CEO Scot Rank will step down from his role by the year-end, after serving five years in the position. The news came in on the same day as the announcement of third-quarter results.
By Brad Prigmore:Shares of the world's largest retailer, Wal-Mart (WMT), slid nearly 5% Monday following fulminant weekend allegations that the company violated the Foreign Corruption Practices Act in Mexico. This law, passed in 1977, prohibits the use of monetary compensation to foreign officials for business purposes.
After Wal-Mart Stores, the world's largest retailer, squashed an internal investigation into allegations of bribery at its Mexican subsidiary, shares for the stock plunged nearly five percent on April 23.
The sinking of the stock, which cost Wal-Mart $4.5 Billion, comes after its investors watched as the companies Mexican subsidiary tried to cover up accusations of corruption in their growth practices. Wal-Mart shares (NYSE: WMT) were down $3.04 Monday afternoon, or almost five percent, to $59.41.
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 ...