Published on 23rd May 2012
“German sportswear and equipment maker Adidas AG has filed a criminal complaint against the former chief of its India operations and another former senior employee for alleged financial and commercial irregularities. The complaint, filed Tuesday at a police station in the Delhi suburb of Gurgaon, accused Subhinder Singh Prem and Vishnu Bhagat of theft, fraud and accounting malpractices that resulted in the company taking a charge of $155m, or 8.70bn rupees. Adidas also said that restructuring its business in India as a result of the alleged irregularities will lead to a further charge of $87m, or 4.87bn rupees,” says the Wall Street Journal.