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July 31, 2012

US: Ex-KPMG chair Flynn joins Wal-Mart audit committee

Former KPMG international chairman Tim Flynn has joined Wal-Mart Stores as a director and will sit on the retail giant's audit committee.

By Dean Best

Former KPMG international chairman Tim Flynn has joined Wal-Mart Stores as a director and will sit on the retail giant’s audit committee.

Flynn, who spent 32 years at KPMG, joins the US retailer at a time when it is investigating allegations of bribery within its Mexican unit.

Wal-Mart is investigating claims its Mexican arm bribed officials to obtain permits to open stores.

The New York Times reported in April that a former Wal-Mart de Mexico executive told a senior Wal-Mart Stores lawyer in 2005 the Mexican retailer had bribed officials.

The newspaper said Wal-Mart then sent investigators to Mexico City and discovered evidence of bribery. However, after being presented with the evidence, the world’s largest retailer decided to end the investigation, the newspaper said.

Walmex has been investigating the claims and Mexico’s attorney general also launched a probe into the allegations.

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