US lawmakers accuse Mexico Wal-Mart of money laundering

15 Aug

The representatives, who investigate the case of bribery in Mexico, documents have revealed that this crime could show

Two U.S. Democratic lawmakers, who are investigating the alleged payment of bribes to a unit of Wal-Mart in Mexico to accelerate its openings, said Tuesday it has obtained internal documents that could prove tax evasion and money laundering.

Representatives Elijah Cummings and Henry Waxman revealed the latest details of its research through a letter sent to the company on 14 August.

“We have obtained internal company documents, including internal audit reports from other sources suggesting that Wal-Mart may have had problems, not only bribery, but also ‘questionable financial behavior’, including tax evasion and money laundering,” explained legislators in a letter to the Wal-Mart CEO Michael Duke.

Wal-Mart de Mexico declined comment.

accused of money laundering

accused of money laundering and bribes

With investigations into alleged bribes, Wal-Mart of Mexico recognized that they may be exposed to “negative consequences” as judgments, fines and enforcement of measures that may affect the firm in the U.S. and in our country and its directors and principal officers.

Three months after the scandal, for the company and its management is still difficult to predict “the outcome or effect of the government investigations, shareholder lawsuits and the investigations and reviews.”

However, the firm already provides incur expenses to respond to requests for information, but does not know what the amount.

Although the company has always maintained a strict control of its operations, in his report explained that its top executives will have to devote part of his time to the subject of investigations in place of performance of the leading supermarket chain in our country.

Their outside counsel and the chain saw that his legal problems “will not have a material adverse effect” on operations, but given the uncertainty that prevails in these cases could not tell.

Even on 20 June, the company reduced its expansion plans in Mexico, because instead of increasing their sales floor by 12 percent, eight percent advance.

In Scot Rank conference call with analysts, Chairman and CEO of Wal-Mart de Mexico and Central America, said that the company decided to strengthen its organizational structure so that in addition to having a new director for the real estate area, also have an executive focused on strategies corruption.

Reinforce strategies

As the network and its officers are under investigation, Mama Lucha battles for better results.

And in its stores with more than one year of operations grew just three percent in Mexico, a figure that Scot Rank is considered below their expectations, which will focus on the departments that generate more customer traffic and maximize the availability of products on the shelves.

Comments Off on US lawmakers accuse Mexico Wal-Mart of money laundering

Posted by on 08/15/2012 in Crime!, Money Laundering


Tags: , , , , , , ,

Comments are closed.

Matt on Not-WordPress

Stuff and things.

Essa On Everything

***Warning: Posts on this site may be factually incorrect, delusional, mean spirited...or all of the above

%d bloggers like this: