Wal-Mart creates anti-bribery post

Wal-Mart says it’s creating a position to oversee compliance with US anti-corruption law after reports of possible bribery in Mexico. The company said the worldwide post would oversee compliance with the US Foreign Corrupt Practices Act and would work with regional directors to ensure compliance around the world, Wal-Mart said in a statement on Tuesday. The New York Times over the weekend reported that bribery played a significant role in the company’s rapid growth in Mexico, where local Wal-Mart representatives allegedly paid money to overcome red tape from local authorities. Top Wal-Mart management in the United States first ordered an internal investigation in 2005 after learning of the allegations from a whistleblower within Wal-Mart de Mexico. More…

News selected by Covalence | Country: Global, USA, Mexico | Company: Wal-Mart | Source: The West Australian