Wal-Mart de Mexico Shares Fall on Latest Bribery Allegations - Corruption Currents - WSJ


Shares of Wal-Mart de Mexico opened lower Tuesday after The New York Times ran another blistering report about alleged bribery by the retailer to obtain permits for building stores across the country.

Walmex, as the Mexican unit of Wal-Mart is known, was trading down about 1% as of 11:15 a.m., following a 2% decline at the open, according to a Dow Jones Newswires report.

The latest Times report focused on how and to whom the company allegedly paid bribes to open stores — including where it was illegal to do so.

“It used bribes to subvert democratic governance — public votes, open debates, transparent procedures,” the Times report said. “It used bribes to circumvent regulatory safeguards that protect Mexican citizens from unsafe construction. It used bribes to outflank rivals.”