Wal-Mart, one of the largest companies in the world, has just found itself in the middle of a massive bribery scandal.
Allegedly, bribes totaling more than $24 million were paid to Mexican officials to speed up the permitting process to open new stores. This was allegedly hidden from the corporate office via good old fashioned accounting fraud.
Supposedly, then CEO of the Mexican subsidiary, Eduardo Castro-Wright, personally signed off on the bribes. Castro-Wright is currently the vice chairman of the parent company.
Business Insider has a good overview of the allegations.
With all of the PR problems that Wal-Mart has been dealing with, this is the last thing the company needs. I’m interested to see how this effects the stock price when the markets open tomorrow morning.
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