MUMBAI-The Indian joint venture of Wal-Mart Stores Inc has suspended its chief financial officer and other employees as it investigates alleged violations of US anti-bribery laws, a development that could hamper India's efforts to open its domestic supermarket sector to foreign investment.
Wal-Mart, the world's largest retailer, said last week it has opened internal inquiries or investigations into bribery allegations in a number of countries including Brazil, China and India, which follows an earlier probe in Mexico. A spokesman for the joint venture confirmed the suspensions and said the venture was "committed to conducting a complete and thorough investigation." Wal-Mart's partner in the venture is Bharti Enterprises.
Wal-Mart, the world's largest retailer, declined to say whether similar suspensions could be carried out elsewhere as its investigation proceeds.
Reuters