US retail giant Wal-Mart is under investigation on bribery
charges in Mexico. News of the scandal drove stock prices down 4.7 percent on Monday to $59,54 (£36,90).
Wal-Mart is currently under investigation following allegations of bribing Mexican officials to obtain building permits in the region. According to an article in the New York Times executives then tried to cover up evidence. Executives at the time were Eduardo Castro-Wright, then head of the Mexican division who later headed up de US division, and Wal-Mart chief executive Mike Duke, who at the time headed up de international division.
A true retail giant with annual revenues of $447 billion, Wal-Mart has previously been the subject of rumours of ethical misconduct. The company has been trying to clean up its image by increasing aid during times of natural disasters and tackling environmental and women's issues. Industry insiders now fear that all the hard work has been undone by these recent allegations, reports WWD.