The Indian joint venture of Walmart Stores has suspended its chief financial officer and other employees as it investigates alleged violations of US anti-bribery laws, a development that could hamper India’s efforts to open its domestic supermarket sector to foreign investment.
Walmart, the world’s largest retailer, said last week it has opened internal inquiries or investigations into bribery allegations in a number of countries including Brazil, China and India, which follows an earlier probe in Mexico.
Separately, a spokeswoman for the joint venture confirmed the suspensions and said the venture was “committed to conducting a complete and thorough investigation.” Walmart’s partner in the venture is Bharti Enterprises.