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Walmart CFO, legal team suspended over bribery charge

Source : ANI
Last Updated: Fri, Nov 23, 2012 08:20 hrs

The Chief Financial Officer (CFO) and the entire legal team of the Indian unit of global retail giant Walmart has been suspended for their alleged role in a bribary case.

According to a report in the Economic Times, an anti-corruption squad consisting of auditors from KPMG and US-based law company GreenbergTraurig separately summoned five members of the legal team including the CFO two weeks ago.

They were asked by the team not to enter the Walmart office until the investigations are concluded.

The Rs 455.8 crore investment by Walmart in Cedar Support Services Ltd, a subsidiary of Bharti Ventures, had come under attack from CPI Rajya Sabha member M P Achuthan, who wrote to Prime Minister Manmohan Singh earlier, saying it was "illegal" and flouted FDI rules.

In a letter dated October 30, the Department of Industrial Policy and Promotion (DIPP) had asked that RBI may take action as appropriate as per provisions of FEMA rules and regulations.

The DIPP deals with all the FDI related matters. (ANI with inputs)




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