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Wal-Mart director forced to quit after alleged stealing of half a million dollars a new trend in Worldwide Corporate Behavior?
A Walmart Director was forced to quit after allegations were made that he removed up to $500,000 obtained from the company through unauthorized use of gift cards and false expense reports.
In China, $14m fraud was uncovered in Agriculture Bank.
On March 15th, Zhang Enzhao, chairman of China Construction Bank (CCB) -- one of China's "Big Four" financial institutions - resigned, citing personal reasons.
According to sources close to Chinese Financial Authorities, Zhang was actually removed from his position and is under house arrest while a major corruption investigation goes on.
In every country a trend has emerged, corporate officers of private enterprises and Government controlled entities have indulged in corrupted behavior to steal money from their organizations. The list keeps growing.
India has also experienced such behavior for ages. But this is something shockingly new in America and Europe.
BIZ/FINANCE ARTICLES
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