Wal-Mart India’s Finance Chief suspended over Bribery Charges
TNI Bureau: Wal-Mart India, which is investigating into the bribery charges, has suspended its financial director. The matter is being probed by the auditing and legal team whether world’s largest retailer has violated any laws to expand its business in China, India and Brazil.
The probing team is investigating whether bribes were paid to government officials or not after allegation surfaced in media that five suspended employees had reportedly procured government licences for the firm. However, the name of the employees was not revealed to media.
While the government is keen to allow 51% FDI in retail in India, Wal-Mart is under scanner. Even though, the firm is gearing up to build its first supermarkets in India in partnership with Bharti Enterprises, the recent development is a setback for the company.