Corporate Monitor May Be In Wal-Mart’s Checkout Lane
May 17, 2012 | 1 min to read
Retail giant Wal-Mart Stores Inc, faced with allegations that its Mexican unit paid $24 million in bribes to accelerate its expansion, could be forced to hire an independent monitor to ensure future compliance with U.S. anti-corruption laws.
Since 2009, the Obama administration has demanded in one-third of its corporate bribery cases that companies hire independent monitors, despite the added costs and intrusion into the companies' operations.
U.S. engineering company KBR Inc, German luxury automaker Daimler AG and British defense contractor BAE Systems all were required to hire independent monitors.
The New York Times reported last month that Wal-Mart spent some $24 million bribing officials for building permits in Mexico. U.S. and Mexican authorities are investigating.
To read the rest of the story, please go to: Reuters