The $24 million in illicit payments Wal-Mart has been accused of making in Mexico amount to roughly two hours’ revenue. But the allegations could become a huge issue for the world's largest retailer.
Confronted with evidence of widespread corruption in Mexico, top Wal-Mart executives focused more on damage control than rooting out wrongdoing, reports The New York Times.
Removing some of those involved in the alleged bribery or cover-up could make it easier to reach an out-of-court settlement with the Justice Department, say experts.
Whether you are the world's No. 1 retailer or a humble street vendor, paying public officials a bribe may be the quickest way to get your business growing in Mexico.
Below is the statement released by Walmart Saturday in response to the report in the New York Times on the alleged action Walmart took in a bribery case in Mexico.
CNBC's Michelle Caruso-Cabrera and Scott Cohn provide the latest details on Wal-Mart's efforts to make a bribery case go away and the crackdown on foreign corruption. Also, a look inside Wal-Mart's culture, with CNBC's David Faber.
Jacob Frenkel, former SEC enforcement attorney, discusses the consequences Wal-Mart could face following allegations it tried to cover up a bribery investigation in Mexico.
Did Wal-Mart's Mexican division orchestrate a campaign of bribery to grab market dominance? Jeffrey Sonnenfeld, Yale School of Management weighs in on the investigation.
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