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Bloomberg is reporting the Department of Justice has opened a probe into bribery allegations exposed over the weekend by the New York Times.David Welch, Thom Weidlich and Seth Stern report that federal investigators are looking into whether the retail giant violated the Foreign Corrupt Practices Act by allegedly paying $24 million to local officials in Mexico to gain market share, citing a person familiar with the probe.
Alisa Finelli, a Justice Department spokeswoman, declined to comment, Bloomberg said. John Nester an SEC spokesman, declined to comment earlier yesterday on whether the agency plans to investigate the Wal-Mart allegations.
According to governance specialists interviewed by Bloomberg, the investigations by the government and the company may prompt executive departures and U.S. penalties if it reveals senior managers didn’t take strong enough action.
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