Wal-Mart Mexico hit by new allegations

By: Associated Press Email
By: Associated Press Email

Stock in retail giant Wal-Mart's Mexico subsidiary has dropped following allegations about money laundering and tax evasion.

Walmex V-series shares were down 5.87 percent in intraday trading Wednesday, following the release of a letter by U.S. congressmen describing the new allegations.

The company said in a statement Wednesday that "it has no knowledge that (it) is being investigated by Mexican authorities concerning these issues."

Rep. Henry Waxman wrote in a letter Tuesday to Wal-Mart CEO Michael Duke that internal company documents suggest the company "may have had compliance issues relating not only to bribery, but also to 'questionable financial behavior' including tax evasion and money laundering in Mexico."

Press reports in April suggested that Wal-Mart de Mexico may have been paying middlemen in Mexico to facilitate store permits with bribes.


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