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Empresas y finanzas

Walmex shares sink on fears of new allegations


    MEXICO CITY (Reuters) - Wal-Mart de Mexico shares fell almost 7 percent on Wednesday after two U.S. congressmen investigating bribery allegations at Mexico's top retailer said they had evidence that could point to tax evasion and money laundering.

    Walmex, as the company is known locally, is facing probes in the United States and Mexico over allegations that the company, controlled by Wal-Mart Stores Inc, bribed local Mexican officials to open stores more rapidly.

    Two members of a U.S. congressional probe into the company said on Tuesday they had obtained Walmex records showing it may also have had compliance issues relating to tax evasion and money laundering in Mexico.

    Walmex shares were down 6.8 percent at 35.57 pesos in morning trading. Wal-Mart shares were up 0.4 percent at $74.28.

    Walmex said in a brief statement before the market opened on Wednesday that it was not aware it was being investigated in Mexico for money laundering or tax evasion.

    Reps. Elijah Cummings and Henry Waxman, the ranking members, respectively, of the Oversight and Energy committees of the U.S. House of Representatives, disclosed the latest details of their probe in an August 14 letter to the company.

    Walmex said in a brief statement, "If such an investigation over these matters was initiated, and Walmex was notified, Walmex will cooperate with the authorities."

    Cummings and Waxman launched a review of Wal-Mart earlier this year after The New York Times reported that the world's largest retailer had intentionally stifled an internal probe into bribery in its Mexican affiliate.

    The company has said it is cooperating with the U.S. Department of Justice and the Securities and Exchange Commission and was conducting its own review.

    Cummings and Waxman, both Democrats, complained on Tuesday that Wal-Mart has been uncooperative with the congressional probe.

    Walmex Chief Executive Scot Rank said in July that as part of efforts to improve compliance with laws such as the Foreign Corrupt Practices Act (FCPA), the company had hired a former Pricewaterhouse Coopers partner as head of compliance, real estate and corporate affairs.

    Rank also said another executive would join in August with responsibility for anticorruption efforts, reporting directly to Walmart's global FCPA compliance officer, Tom Gean.

    (Reporting By Cyntia Barrera Diaz and Veronica Gomez, additional reporting by Elinor Comlay and Lizbeth Diaz; editing by John Wallace)