INDIA: Bharti Wal-Mart suspends CFO amid bribery probe
Bharti Wal-Mart has suspended a number of its employees, one of whom is understood to be its CFO, while it investigates alleged violations of US anti-bribery laws.
A spokesperson for Bharti Wal-Mart confirmed the move today (23 November) and said the company is "committed to conducting a complete and thorough investigation".
"Wal-Mart and Bharti have suspended a few associates pending the outcome of the investigation," the spokesperson said. "It would be inappropriate for us to comment further until we have finished the investigation."
It is understood the Indian joint venture of Wal-Mart Stores has suspended five employees in total, including CFO Pankaj Madan, as part of an ongoing global investigation by the US retail giant against alleged corrupt practices, Reuters reported. Four of the employees are understood to be from Bharti's legal team.
According to the publication, Wal-Mart last week opened internal enquiries or investigations into bribery allegations in Brazil, China and India, following an earlier probe in Mexico.
Indian authorities are also investigating claims the retailer violated foreign exchange rules when it invested $100m in a domestic unit owned by its wholesale joint-venture partner.
India's government finally allowed foreign direct investment in the country's retail sector in September after a number of delays.
Indian opposition parties and the Congress party-led coalition government had opposed the move that would allow retail giants like Wal-Mart into the sector. Opponents believe greater foreign investment will hit domestic operators, particularly smaller, traditional outlets.
Opposition politicians demanded a debate and vote on the policy decision when the Indian parliament opened for its winter session yesterday, Reuters noted, threatening to halt parliamentary proceedings.
In 2008, the US-based multinational company Wal-Mart Stores acquired the Chilean hypermarket, supermarket and retail company D&S, which already owned more than 250 stores across the country. Every yea...
Today, many if not most importers and retailers are making an honest effort to make Bangladesh a better place to work for customers, suppliers and workers alike. But recent events such as the collapse...
Wal-Mart de México SAB de CV is the leading and most influential chained grocery retailer in Mexico. The company’s strategy is based on offering a wide range of products at affordable prices. Conseque...
Actions need to speak louder than words when it comes to tackling working conditions in the Bangladesh garment industry. And in the wake of the collapse last week of the Rana Plaza building near Dhaka...
Wal-Mart has revealed that its efforts to turn around its apparel business is starting to gain traction after reporting its first full-year of positive comparable apparel sales in the US in seven year...
Shares in Wal-Mart were down today (16 May) after the world's largest retailer posted quarterly earnings that missed Wall Street forecasts - and booked lower US sales....
Wal-Mart has confirmed plans to conduct in-depth safety inspections at its supplier factories in Bangladesh over the next six months after revealing it would not join the Bangladesh Fire and Building ...
- New wage ladder lifts workers towards living wages
- US retailers to face logistics issues into 2015
- African apparel sector needs cooperation to thrive
- UK fashion sector prospects depend on partnerships
- New scenarios driving sustainability in textiles
- Bangladesh worker dies as factory boiler ruptures
- Eight footwear factories lead on social compliance
- Global unions join forces on apparel wage poverty
- Gap unveils management changes as Q3 profit rises
- Long-running SL Garment dispute settled