India: Bharti Walmart suspends staff in antibribery probe
"We are committed to conducting a complete and thorough investigation. Walmart and Bharti have suspended a few associates pending the outcome of the investigation," a spokeswoman for Bharti Walmart Pvt. Ltd. said.
The Economic Times newspaper reported Friday, citing two sources that it didn't identify, that Bharti Walmart has suspended its chief financial officer and entire legal team in the country as part of its probe.
The Bharti Walmart spokeswoman declined to name the individuals who were suspended, or specify their roles in the company.
Bharti Walmart's chief financial officer is also acting legal counsel and leads the company's five-member legal team, the Economic Times said.
Earlier this month, Wal-Mart Stores said that India is among the countries where it is conducting inquiries into possible violations of U.S. anti-bribery laws.
Wal-Mart operates a wholesale joint-venture in India with Bharti Enterprises and has said it plans to open its own retail stores within two years, following India's September decision to relax foreign investment regulations in the sector to permit supermarkets.
Source: www.marketwatch.co.uk
