Welcome to The Times in Plain English   Click to listen highlighted text! Welcome to The Times in Plain English

New York and California Pursue Walmart In Mexican Bribery Case

May 7, 2012
Plain English Version

Pedestrians walk past a Walmart store in Mexico City, Bernardo Montoya, Reuters / Landov

A Story in The New York Times revealed that Walmart executives engaged in massive bribery and corruption actions in order to expand  their business in Mexico. The story  stated that  the executives  ended the investigation before it could be reported to United States and Mexican authorities.

Under the Foreign Corrupt Practices Act, it is illegal for American companies to bribe officials of other governments. Mexican government agencies and the U.S. Securities and Exchange Commission are investigating the bribery charges.

In response to the New York Times story, the price of Walmart stock went down and the New York City pension fund, with 4.7 million shares of the stock, said it would vote against five Walmart directors at the annual shareholders meeting in May.

Now, the California State Teachers’ Retirement System is suing Walmart executives and board members for changes in the way the company is managed, calling for more independent directors “who will set the right tone from the top.”

The state treasurer said, “This is a classic case of corruption and coverup. The victims include Walmart shareholders and employees.” He further stated that the company had to be compensated by the people who committed the crimes.

The Los Angeles Times

Print Friendly
Share

In Brief

Slow Down on that Heartburn Drug

A new study adds to the findings that taking heartburn drugs creates risks.

The study says that some drugs can lead to a heart...

New Ways to Think About Treating ADHD

New studies show many people with ADHD are drawn to new and exciting experiences. They can be very impatient and restless with routine activities.

This...

Sepsis: A Killer You Want to Know More About

Sepsis is not a disease like cancer. It is a reaction your body may have when it fights infection. A doctor explained, “Your body...

Freezing, Thawing, Refreezing: What are the Rules?

You can save yourself a lot of trouble and possible illness. Follow these rules.

Archives

Dictionary
  • dictionary
  • English Dictionary

Double click on any word on the page or type a word:

Powered by DictionaryBox.com
Click to listen highlighted text!