More suspicions against Wal-Mart of Mexico

[Judi Lynn]

Source: Associated Press

More suspicions against Wal-Mart of Mexico
Updated: August 15, 2012 - 8:42 PM

Two U.S. congressmen suggested it laundered money and evaded taxes.

ASSOCIATED PRESS

MEXICO CITY - The stock price for the Mexico subsidiary of retail giant Wal-Mart Stores Inc. dropped Wednesday after publication of a letter from two U.S. congressmen suggesting the company may have had problems with money laundering and tax evasion.

It was the latest blow to Mexico's biggest retailer since press reports in April suggested Wal-Mart de Mexico, known as Walmex, may have been paying middlemen to facilitate store permits with bribes.

Walmex V-series shares fell 6.2 percent to 35.80 pesos ($2.70) a share on Mexico's stock exchange Wednesday after release of the letter from U.S. Reps. Henry Waxman and Elijah Cummings.

"We have obtained internal company documents, including internal audit reports, from other sources suggesting that Wal-Mart may have had compliance issues relating not only to bribery, but also to 'questionable financial behavior' including tax evasion and money laundering in Mexico," the two wrote in the letter to Michael Duke, Wal-Mart CEO.


Read more: http://www.startribune.com/business/166350496.html?refer=y

[Proletariatprincess]

1. Until I am shown diffinitive evidence to the contrary....

I assume that all US based corporations and their multinational cousins are criminal organizations and that their legitimate business is really just covering for nefarious actions.

[Vidar]

2. Pretty safe assumption, in my opinion.

[Sherman A1]

4. +1

[BlueToTheBone]

5. If indeed they do have legitimate business.

Corps seem to equal criminal enterprise because of the bottom line must rise edict.

[Kingofalldems]

3. I bet Wal Mart pays top salaries in Mexico

Oops, can't find the sarcasm smiley.