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Allegations that Wal-Mart Stores Inc. covered up the findings of an internal probe that proved its Mexican subsidiary bribed officials in that country could have huge implications for the world's biggest retailer and its executives.
The alleged bribery scheme was revealed by The New York Times, which reported that Wal-Mart failed to notify law enforcement after the company's investigators found evidence of millions of dollars in bribes given to Mexican officials in exchange for getting building permits faster and other favors to help it aggressively expand in the region.
Two Democratic U.S. congressmen Elijah Cummings and Henry Waxman said on Monday that they were launching an investigation into the matter, and they sent a letter to CEO Mike Duk
e asking for a meeting. And The Washington Post reported late Monday that the U.S. Department of Justice has been conducting a criminal probe of the allegations since December, citing people familiar with the matter.
If Wal-Mart is found to have violated the Foreign Corrupt Practices Act, which forbids paying bribes to foreign officials, the company could face fines of hundreds of millions of dollars. Top Wal-Mart executives could lose their jobs – or worse, go to jail. And the retailer could suffer a public relations nightmare if a lengthy investigation ensues.
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