How Did Wal-Mart Crack Open China?
But Yung got tossed out of Citic Pacific in April 2009. The previous October, Citic had been caught up in a $1.9 billion loss "from unauthorized foreign exchange trading," according to Reuters.
And after Hong Kong's Commercial Crime Bureau sent investigators to find fraud, Yung's "powerful benefactors in Beijing with no choice but to let him go." And that week, Fan "resigned from the firm."
What did Wal-Mart have to do with Citic's problems? Did Wal-Mart engage in any practices that might be in violation of FCPA in order to build its presence in China? Did Wal-Mart pay Chinese officials to gain access to the Chinese market? Do any of the proceeds from this joint venture go to Chinese officials?
Kevin Gardner, Wal-Mart's Senior Director, International Corporate Affairs, commented, "Regarding your query on our China strategy, in light of your questions we won't have anything more to share in that regard beyond what was discussed in our earnings announcement yesterday."
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