BERLIN (NNN-Bernama) -- German sportswear giant Adidas has appealed to Indian law enforcement authorities to launch a criminal investigation into alleged financial irregularities uncovered in its Indian arm Reebok India.
A complaint was filed with Indian law enforcement authorities to bring formal charges for commercial irregularities at Reebok India, an Adidas spokesman told Press Trust of India.
An Adidas team is currently in India to assist in the investigations.
Further details cannot be made public at this stage as investigations are underway, the spokesman said.
Adidas claimed earlier this month that it had discovered inconsistencies involving 125 million euros in its Reebok India subsidiary and announced plans to close one-third of around 900 Reebok stores as part of a restructuring strategy.
In March, the company announced top-level management changes in Adidas India , saying managing director Subhinder Singh Prem and chief operating officer Vishnu Bhagat have "left the company with immediate effect".
Prem was replaced by Claus Heckerott as new managing director of Adidas India.
"A reorganisation of Reebok's businesses in India was planned long ago and the slashing of stores has nothing to do with the alleged financial flaws in the company," the spokesman said.
The spokesman also dismissed as pure speculation news reports saying Adidas has plans to close some its stores in India.
Adidas currently operates more than 1,000 stores in 325 towns and cities across India. -- NNN-BERNAMA
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