Wal-Mart Director Resigns After Probe

Wal-Mart Director Resigns After Probe

Mar 25, 7:59 PM (ET)

By CARYN ROUSSEAU


The world's largest retailer said it asked Thomas M. Coughlin, who is also a former president and CEO of the company's stores division, to step down because of "a disagreement" over the results of the probe, which involves between $100,000 and $500,000, and his "response to questions concerning his knowledge of certain transactions," according to a regulatory filing.

The Securities and Exchange Commission document does not directly state what role, if any, Coughlin, had in "the alleged unauthorized use of corporate-owned gift cards and personal reimbursements that appear to have been obtained ... through the reporting of false information on third-party invoices and Company expense reports."

In a separate statement, Bentonville-based Wal-Mart said that it did not expect any adverse financial impact from the investigation. The company did not name or otherwise identify the three fired employees and declined further comment Friday.

Wal-Mart also said it initiated the investigation on its own and has referred its findings to the U.S. Attorney for the Western District of Arkansas. The U.S. attorney's office had no comment...cont'd

http://apnews.myway.com/article/20050326/D892B7R00.html

Somethign maybe ilegal? Nah... not at Walmart...

(sarcasm off)

http://www.fortwayne.com/mld/journalgazette/business/11238116.htm

A high-profile Wal-Mart Stores Inc. board member resigned Friday after an internal probe turned up evidence of financial improprieties of up to a half-million dollars.

Three Wal-Mart employees, including a company officer, also lost their jobs.

The world’s largest retailer said it asked Thomas M. Coughlin, who is also a former president and CEO of the company’s stores division, to step down because of “a disagreement” over the results of the probe, which involves between $100,000 and $500,000, and his “response to questions concerning his knowledge of certain transactions,” according to a regulatory filing.

...more...

http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=8005332

WASHINGTON (Reuters) - Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) former Vice Chairman Thomas Coughlin resigned as a director on Friday over a company probe into unauthorized use of corporate gift cards and personal reimbursements that has also been reported to federal prosecutors.

Coughlin, who still sat on three board committees, including one for strategic planning and finance, resigned at Wal-Mart's request in a disagreement over the matter, the company said in a Securities and Exchange Commission filing.

<snip>

Efforts on Friday to reach Coughlin, who joined Wal-Mart in 1978 and was named vice chairman in 2003, were unsuccessful.

<snip>

"The investigation relates to personal reimbursements, payment of third-party invoices and the use of company gift cards," Wal-Mart said in a statement. "There will be no adverse financial impact to the company in connection with this matter."

...more...

Definitely sounds like hanky-panky to me :eyes:

How could such a fundie-based corp have any of that going on? This guy had been with them since 1978 - don't you think he knew the "rules"?