English | دری

Reebok India alleges $233m fraud by former employees

in International Business

Reebok India alleges $233m fraud by former employees

Reebok India has lodged a police complaint against former managing director Subhinder Singh Prem and ex-chief operating officer Vishnu Bhagat accusing them of commercial and financial irregularities.

The firm alleged that the two set up secret warehouses, fudged accounts and indulged in fictitious sales.

It said such activities by the two had resulted in a loss of almost 13bn rupees ($233m; £160m).

The two had left the company in March.

Earlier this year, Adidas, the parent company of Reebok, had warned investors that “commercial irregularities” at its Reebok unit in India could cost the firm up to 125m euros ($165m, £101m).

The company had added that it had already appointed new management team in India.

“Under this new leadership team, management is further planning an accelerated restructuring of its business activities in India, including significant changes to its commercial business practices,” it had said.

Source: BBC


Tags assigned to this article:
reebok indiareebok india fraud

Related Articles

Japan on a double whammy

Japan hits its highest trade deficit record for the first half of the year. Exports have weakened, rising only 1.5%

Finland's Nokia shaken by $1bn loss

Phone maker rings in 2012 with one of its worst ever quarters, citing tough competition and a rapidly evolving industry.

Tentative Deal Is Reached to Raise Taxes on the Wealthy

The New York Times-Furious last-minute negotiations between the White House and the Senate Republican leadership on Monday secured a tentative

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.