Walmart CFO, legal team suspended over bribery charge
Updated On: 23 November, 2012 01:28 PM IST | Agencies
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 bribery 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.
u00a0
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.
ADVERTISEMENT
Poll
Who will win the Punjab Elections?
In a letter dated October 30, the Department of Industrial Policy and Promotion (DIPP) had asked that RBI might take action as appropriate as per provisions of FEMA rules and regulations.
The DIPP deals with all the FDI related matters.
u00a0
Tags
Trending Stories
Latest Web Stories
Latest Photos
06 August, 2026 08:34 PM IST | In Photos: Hiroshima Day Silent Peace March 2026
Preshit Deorukhkar
17 December, 2025 11:56 AM IST | IN PHOTOS: MLAs at Vidhan Bhavan during Maharashtra Legislative Council polls
Asif Ali Sayed
09 September, 2024 09:32 PM IST | IN PHOTOS: People in Mumbai celebrate Gauri Puja during Ganeshotsav
Asif Ali Sayed
09 September, 2024 09:13 PM IST | IN PHOTOS: Mumbai witnesses sunny weather as rains take a break
Asif Ali Sayed
Latest Videos
ADVERTISEMENT
Latest Headlines
23 August, 2026 09:06 AM IST | mid-day online correspondent
20 August, 2026 09:25 PM IST | mid-day online correspondent
19 August, 2026 07:14 PM IST | Makepeace Sitlhou
19 August, 2026 11:50 AM IST | Test Tushar