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Wal-Mart faces big fines amid bribery charges

Allegations that Wal-Mart Stores Inc. covered up the findings of an internal probe that proved its Mexican subsidiary bribed officials in that country could have huge implications for the world’s biggest retailer and its executives.

The alleged bribery scheme was revealed by The New York Times, which reported that Wal-Mart failed to notify law enforcement after the company’s investigators found evidence of millions of dollars in bribes given to Mexican officials in exchange for getting building permits faster and other favors to help it aggressively expand in the region.

Two Democratic US congressmen, Elijah Cummings and Henry Waxman, said on Monday that they were launching an investigation into the matter, and they sent a letter to CEO Mike Duke asking for a meeting.