Wal-Mart Gets Hit with Accusations in the US
On Tuesday, two U.S. congressmen accused Wal-Mart Mexico of tax evasion and money laundering.
Shares of Mexico’s Wal-Mart registered a fall of 5.95 percent to 35.80 pesos in yesterday’s operations, after it was accused by American congressmen of tax evasion and money laundering.
Shares of the retailer Walmex haven’t been the only important setback registered; on April 23 of this year, after being accused of alleged bribe payments, the company reported a loss of 12 percent from a price of 43.06 to 37.89 pesos per share.
Last Tuesday two congressmen from the United States accused Wal-Mart in Mexico of tax evasion and money laundering, where they have internal documents that can shed evidence to the listed crimes.
In a statement, Wal-Mart Mexico and Wal-Mart Central America stated that it is not aware that it is being investigated by Mexican authorities regarding such matters.
It added that if an investigation about these matters was to begin, and Wal-Mart Mexico was notified of it, Walmex will cooperate with authorities to the extent permitted by law.
Congressmen Elijah Cummings and Henry Waxman revealed the most recent details of their investigation through a letter sent to the company in August 14 of the current year.
In this sense, the retail store in Mexico and the United States is under investigation for alleged bribe payments to obtain construction permits for the stores, thereby boosting its aggressive campaign of expansion in the last decade.
Last July, in an effort to improve corporate practices, the company created the vice-presidency and general director of compliance, real estate and corporate affairs under the leadership of Javier Soni Ocampo.
Furthermore, the company lowered its plans of expansion for 2012 in 100 stores, saying it will carry out additional measures to reinforce the store opening process.
Shares of Mexico’s Wal-Mart registered a fall of 5.95 percent to 35.80 pesos in yesterday’s operations, after it was accused by American congressmen of tax evasion and money laundering.
Shares of the retailer Walmex haven’t been the only important setback registered; on April 23 of this year, after being accused of alleged bribe payments, the company reported a loss of 12 percent from a price of 43.06 to 37.89 pesos per share.
Last Tuesday two congressmen from the United States accused Wal-Mart in Mexico of tax evasion and money laundering, where they have internal documents that can shed evidence to the listed crimes.
In a statement, Wal-Mart Mexico and Wal-Mart Central America stated that it is not aware that it is being investigated by Mexican authorities regarding such matters.
It added that if an investigation about these matters was to begin, and Wal-Mart Mexico was notified of it, Walmex will cooperate with authorities to the extent permitted by law.
Congressmen Elijah Cummings and Henry Waxman revealed the most recent details of their investigation through a letter sent to the company in August 14 of the current year.
In this sense, the retail store in Mexico and the United States is under investigation for alleged bribe payments to obtain construction permits for the stores, thereby boosting its aggressive campaign of expansion in the last decade.
Last July, in an effort to improve corporate practices, the company created the vice-presidency and general director of compliance, real estate and corporate affairs under the leadership of Javier Soni Ocampo.
Furthermore, the company lowered its plans of expansion for 2012 in 100 stores, saying it will carry out additional measures to reinforce the store opening process.
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