Walmart drops after bribery probe reports

 
City A.M. Reporter
SHARES in Walmart continued to fall yesterday as the firm set out further anti-corruption measures in a bid to staunch growing criticism over a potential bribery scandal in Mexico.

Walmart said it will hire a new global compliance officer, who will monitor the firm’s actions worldwide to ensure it stays within the US Foreign Corrupt Practices Act, and is reviewing practices in its US headquarters and in Mexico.

Walmart lost $10bn of its market value on Monday on concerns that a bribery investigation in Mexico could be very costly and hinder its plans to grow.

Its shares continued to tumble yesterday, losing a further three per cent.

“We are confident we are conducting a comprehensive investigation and if violations of our policies occurred, we will take appropriate action,” the firm said in a new statement yesterday.

In Mexico, the front-running presidential candidate, Enrique Pena Nieto, and lawmakers have called on local authorities to investigate reports that Walmart shut down a probe into bribes paid to ensure it won building permits.

Walmart has said it started a fresh probe six months ago.