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Wal-Mart names Ostale chief of Latin America amid bribery probes

By Bloomberg News

This article was published January 11, 2013 at 10:49 a.m.

— Wal-Mart Stores Inc. promoted Enrique Ostale, head of its Chilean stores, to president and chief executive officer of its Latin American operations as the retailer probes possible bribery in multiple markets in the region.

Ostale assumes the new role March 1, the Bentonville-based company said Friday in a statement.

Current Latin American chief Eduardo Solorzano will retire from the role and continue to serve on the board of Walmart de Mexico.

Ostale takes over the position as Wal-Mart, the world’s largest retailer, investigates allegations that executives in Mexico paid more than $24 million in bribes to speed the retailer’s expansion there.

The company said in November that it also was starting inquiries into potential violations of the Foreign Corrupt Practices Act at operations in Brazil as well as India and China.

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