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Walmart in Congressional Sights Again over Mexican Bribery Charges

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By Paul Ausick Updated Published
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walmart-store-front-blue

courtesy of Wal-Mart Stores Inc.
Two Democratic members of Congress, Henry Waxman and Elijah Cummings, said today that they have written a letter to Michael Duke, CEO of Wal-Mart Stores Inc. (NYSE: WMT) citing documents obtained by the Congressmen that “appear to show” that senior executives of the company knew about bribery allegations against Walmart’s store in Teotihuacan, Mexico.

Specifically, an email dated October 15, 2005, from the company’s international general counsel to “Mike” and another Walmart executive:

The attached memorandum summarizes an interview conducted earlier this month with a former WALMEX in-house lawyer. The lawyer was terminated in September 2004 after 28 years with the company. The lawyer asserts in some detail alleged corruption by various WALMEX associates, including senior people.

You’ll want to read this. I’m available to discuss next steps.

The attached memo delineates specific contributions made at specific times to Mexican officials. Is this the smoking gun? Last month, a Walmart spokesman denied that any company executive “knew anything about corruption” at the Teotihuacan location, according to the Congressmen’s letter to Duke.

Walmart’s shares have fallen about 1% today, to $67.93 in a 52-week range of $57.18 to $77.60.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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