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Walton heir vows no tolerance for violations

The chairman of Wal-Mart Stores is pledging that the company will get to the bottom of bribery allegations in Mexico.

FAYETTEVILLE, ARK. (AP) — The chairman of Wal-Mart Stores is pledging that the company will get to the bottom of bribery allegations in Mexico.

Sam Walton's son Robson has addressed thousands of shareholders at the annual meeting in Fayetteville.

Some shareholders have called for the removal of several board members, including Robson Walton, CEO Mike Duke and former CEO Lee Scott. Investors are suing top executives.

Sam Walton's descendants own about 50 percent of Wal-Mart's shares so activist shareholders have little chance of voting out the board members. But any lack of support for the leaders is a blow to the retailer.

In April, the New York Times reported Wal-Mart allegedly failed to notify law enforcement after finding evidence that officials authorized millions of dollars in bribes in Mexico to get speedier building permits and other favors.

 

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