This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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."

Since 1917, Forbes has stood, unwavering, for one overriding principle: the unshakable belief in the power of free enterprise. Our mission has also been clear and unchanging: to provide insights and information that ensure the success of those who tap into Forbes.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs