Bharti Walmart entangled in bribery case
November 23, 2012
New Delhi, Nov 23 (ANI): Bharti Wal-Mart, the India unit of Wal-Mart, has suspended five people including its chief financial officer as part of an ongoing global investigation by the US retail giant against alleged corrupt practices. Bharti Wal-Mart will also go slow on planned rollouts of its cash-and-carry stores in the country until this investigation into violations of the US Foreign Corruption Practice Act (FCPA) reaches a conclusion. The Reserve bank of India has already asked the Enforcement Directorate (ED) to probe Walmart’s investment in an arm of Bharti enterprises, Cedar Support Services Ltd, for alleged violations of forex laws.
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