Bharti Walmart suspends CFO

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Bharti Walmart suspends CFO
Wal-Mart Stores Inc's Indian joint venture has suspended its chief financial officer and other employees as it investigates alleged violations of U.S. anti-bribery laws, a Reuters report has stated.

This could hamper the US giants ability to set up operations in the country, at a time when the government has allowed FDI in multi-brand retail despite fierce opposition from political parties.

A few days ago there were reports that the government authorities were investigating claims that Wal-Mart Stores violated foreign exchange rules when it invested $100 million in a domestic unit owned by its wholesale joint-venture partner, Bharti Enterprises.

Read more about: walmart
Story first published: Friday, November 23, 2012, 11:37 [IST]
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