Wal-Mart Mexico Subsidiary Hit by New Allegations

ABC, 8/15/12

Photo by Flikr user elmadaWalmex V-series shares fell 6.2 percent to 35.80 pesos ($2.70) a share on Mexico’s stock exchange Wednesday following release of the letter from U.S. Reps. Henry Waxman and Elijah Cummings describing the new allegations.

“We have obtained internal company documents, including internal audit reports, from other sources suggesting that Wal-Mart may have had compliance issues relating not only to bribery, but also to ‘questionable financial behavior’ including tax evasion and money laundering in Mexico,” the two U.S. congressmen wrote in the letter to Michael Duke, CEO of Wal-Mart Stores.

Walmex said in a statement that “it has no knowledge that (it) is being investigated by Mexican authorities concerning these issues.”

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