What is lobbying if not Bribery.
Two U.S. congressmen said in a letter to Wal-Mart Stores Inc.'s WMT +0.59% chief executive Tuesday that they have obtained internal company documents that suggest the company's Mexico affiliate may have engaged in "questionable" financial behavior such as tax evasion and money laundering, in addition to prior allegations of bribery.
The congressmen said they would like to give the retailer an opportunity to respond to the fresh allegations before making public any documents that they have obtained as part of their own investigation.
Publicly traded Wal-Mart de Mexico WALMEX.MX -5.95% SAB, known as Walmex, said Wednesday that it has no knowledge of an investigation by Mexican authorities into possible money laundering or tax evasion by the company. U.S. and Mexican authorities, as well as Wal-Mart itself, have already been looking into the question of whether the Mexican affiliate bribed public officials for permits to speed store openings in Mexico. Walmex has said it is cooperating with that probe.
On Tuesday, U.S. Rep. Elijah Cummings (D., Md.) and Henry Waxman (D., Calif.) reproached Wal-Mart Chief Executive Michael Duke via a letter for allegedly failing to provide documents they have requested, and for denying access to key witnesses, so that the congressmen can assess the thoroughness of an internal Wal-Mart investigation into potential violations of the U.S. Foreign Corrupt Practices Act.
A Wal-Mart representative told The Wall Street Journal that the company's "thorough and independent investigation into allegations relating to corporate conduct" is ongoing, and that the company wants to provide members of Congress with "whatever appropriate information" it can to help them understand Wal-Mart's efforts to address compliance issues...
Source: Argentine Beef Packers S.A.
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