Wal-Mart Review to Include India, South Africa

WASHINGTON (Reuters) - Lawyers for Wal-Mart Stores Inc have flagged Brazil, China, India and South Africa in addition to Mexico, as countries that represent the highest corruption risk in a global review, according to a letter from lawmakers investigating the company. The lawyers said they were retained to review Wal-Mart policies in Mexico, Brazil and China, and later recommended the company also evaluate its operations in India and South Africa. The lawyers referred to those five countries as regions where the risk was the greatest, according to the lawmakers. ...

WASHINGTON (Reuters) - Lawyers for Wal-Mart Stores Inc have flagged Brazil, China, India and South Africa in addition to Mexico, as countries that represent the highest corruption risk in a global review, according to a letter from lawmakers investigating the company. The lawyers said they were retained to review Wal-Mart policies in Mexico, Brazil and China, and later recommended the company also evaluate its operations in India and South Africa. The lawyers referred to those five countries as regions where the risk was the greatest, according to the lawmakers. ...

WASHINGTON (Reuters) - Lawyers for Wal-Mart Stores Inc have flagged Brazil, China, India and South Africa in addition to Mexico, as countries that represent the highest corruption risk in a global review, according to a letter from lawmakers investigating the company.

WASHINGTON (Reuters) - Lawyers for Wal-Mart Stores Inc have flagged Brazil, China, India and South Africa in addition to Mexico, as countries that represent the highest corruption risk in a global review, according to a letter from lawmakers investigating the company.

South Africa's government on Thursday said the approval of US retail giant's Wal-Mart's $2.04 billion takeover of the local Massmart group was flawed and it should be sent back for review.The 16.5 billion rand (1.5 billion euro) deal is being challenged by three government ministries who want it sent back to anti-trust authorities who in May gave the world's largest retailer its first foothold in Africa.

Lawyers for Wal-Mart have flagged Brazil, China, India and South Africa in addition to Mexico, as countries that represent the highest corruption risk in a global review.

Three South African government ministries have appealed Wal-Mart's $2.4-billion takeover of the Massmart group, which was approved in May by the competition authority, court papers showed Thursday.The 68-page objection wants the Competition Appeal Court to "review and set aside the merger approval" which gave the world's largest retailer its first foothold in Africa.The ministries of trade, economic development and agriculture filed the appeal on the $2.4 billion (1.7 billion euro) takeover, which was finalised on June 20.

Three South African government departments asked the country's competition body to reconsider Wal-Mart's $2.4 billion acquisition of a majority stake in South African retailer Massmart Holdings, signaling a more aggressive approach by the government toward foreign investment.