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The Washington Post, citing anonymous sources, reported late Monday that the Justice Department has been conducting a criminal probe of the allegations since December. If Wal-Mart is found to have violated the foreign corrupt practices law, it could face fines of hundreds of millions of dollars. Top Wal-Mart executives could lose their jobs or go to jail. And the retailer could suffer a public relations nightmare if a lengthy investigation ensues. The New York Times report implicated several former and current executives as either being involved in the bribery practices or choosing not to report it to law enforcement. Among them was Eduardo Castro-Wright, who is now vice chairman of the company. At the time the alleged bribery occurred, he was overseeing the company's whole Mexico operation. The Times said he was the driving force behind the practices. MetLife announced Tuesday that Castro-Wright, who had served on its board since 2008, had resigned, effective immediately, for "personal reasons." Castro-Wright will step down from the boards of Metropolitan Life Insurance Co. and holding company MetLife Inc. Castro-Wright wrote Steven Kandarian, CEO and Chairman of MetLife, a letter about the situation that MetLife filed Tuesday with regulators. "Over the past weekend, I notified you of recent events that will require my immediate and personal attention. As a result, I will be stepping down from the board," Castro-Wright wrote. "I now must focus my energy in spending personal time with my family and in protecting my good name and business reputation."
Shares of Wal-Mart fell $1.77, or 3 percent, on Tuesday to close at $57.77 after falling nearly 5 percent on Monday. They've traded between $48.31 and $62.63 the past year.
[Associated
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