Wal-Mart Stores Inc
The creation of a new Global FCPA Compliance Officer post is one of the steps the company has taken in the past year to manage issues of bribery when they arise, spokesman David Tovar said in a statement. FCPA refers to the U.S. Foreign Corrupt Practices Act, a 1970s U.S. law.
Tovar declined to say when the post was created, if it had been filled or who was named to fill the post.
On Saturday, the New York Times reported that a senior Wal-Mart lawyer received an email from a former executive at Wal-Mart de Mexico
According to the Times, Wal-Mart sent investigators to Mexico City and found a paper trail of suspect payments totaling more than $24 million. But the company's leaders shut down the probe and did not notify U.S. or Mexican law enforcement officials until after the newspaper had informed Wal-Mart that it was looking into the issue, the Times reported.
Wal-Mart said that global compliance officer will oversee five FCPA directors in international markets. The company has also set up a dedicated FCPA compliance director in Mexico who reports to the global compliance director.
Wal-Mart shares were down $1.41, or 2.4 percent, at $58.13 on Tuesday on the New York Stock Exchange. That follows a 4.7 percent drop on Monday that more than erased the stock's gains for the year.
(Reporting By Brad Dorfman; Editing by Gerald E. McCormick)