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Wal-Mart appoints global anti-bribery watchdog

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Photographer
EDGARD GARRIDO

A general view of a Wal-Mart store in Mexico City, April 24, 2012. Wal-Mart Stores Inc lost $10 billion of its market value on Monday on concerns that a bribery investigation in Mexico could be very costly and hinder its plans to grow. In a sign that the problem was widening for the world's largest retailer, two U.S. lawmakers said they were launching their own investigation into allegations in a New York Times article that...more

A general view of a Wal-Mart store in Mexico City, April 24, 2012. Wal-Mart Stores Inc lost $10 billion of its market value on Monday on concerns that a bribery investigation in Mexico could be very costly and hinder its plans to grow. In a sign that the problem was widening for the world's largest retailer, two U.S. lawmakers said they were launching their own investigation into allegations in a New York Times article that Wal-Mart de Mexico had engaged in a multi-year campaign of bribery to build its business. In Mexico, the front-running presidential candidate, Enrique Pena Nieto, and lawmakers also called on local authorities to investigate. The banner reads, "Low prices, every day, in everything". REUTERS/Edgard Garrido
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Photographer
� Jim Young / Reuters

The exterior of a newly opened Walmart Neighborhood Market is seen in Chicago, September 21, 2011. TREUTERS/Jim Young

The exterior of a newly opened Walmart Neighborhood Market is seen in Chicago, September 21, 2011. TREUTERS/Jim Young
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Photographer
ANDREW BURTON

New York City Council member Ydanis Rodriguez speaks during a protest against Wal-Mart on the steps of City Hall in New York April 24, 2012. Renewed action against Wal-Mart opening stores in New York City has started as it grapples with a bribery scandal that has led to more than $10 billion being cut from its market value. On Saturday, the New York Times reported that a senior Wal-Mart lawyer received an email from a former...more

New York City Council member Ydanis Rodriguez speaks during a protest against Wal-Mart on the steps of City Hall in New York April 24, 2012. Renewed action against Wal-Mart opening stores in New York City has started as it grapples with a bribery scandal that has led to more than $10 billion being cut from its market value. On Saturday, the New York Times reported that a senior Wal-Mart lawyer received an email from a former executive at Wal-Mart de Mexico in September 2005 that described how the Mexican affiliate, known as Walmex, had paid bribes to obtain permits to build stores in the country. REUTERS/Andrew Burton
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