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JV Walmart-Bharti suspends India employees amid bribery allegations

in International Business

JV Walmart-Bharti suspends India employees amid bribery allegations

Wal-Mart, which currently operates only wholesale stores in India via its joint venture with Bharti, has suspended the chief financial officer and member of the legal team alleged for bribery.

The firm is probing into possible violations of a US law that bans US firms from paying bribes to win or retain business abroad.

The US Foreign Corrupt Practices Act makes it a crime for US corporations and their subsidiaries to bribe foreign officials.

This investigation comes as Wal-Mart is looking at expanding its business in the lucrative in Indian market.

India’s government earlier this year allowed global supermarket chains to invest in retail stores in the country, in a bid to spur economic growth in the country.

“We are committed to the Indian market,” a spokesperson said. “We remain excited about the opportunity to grow our business in one of the world’s most vibrant economies,” it said.

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