Original article behind paywall

Adidas has launched an investigation into allegations of large-scale bribery in China after the company received a whistleblower complaint that accused senior staff of embezzling “millions of euros”, the Financial Times reported on Sunday.

The anonymous letter, which claims to have been written by “employees of Adidas China”, names several Chinese Adidas employees including a senior manager involved with the marketing budget in the country, which the document said stood at 250 million euros ($267.5 million) a year, the FT reported.

Adidas confirmed that it had received an anonymous letter on June 7 indicating potential compliance violations in China. The German sportswear company said it was investigating this matter together with external legal counsel.

“Adidas takes allegations of possible compliance violations very seriously and is clearly committed to complying with legal and internal regulations and ethical standards in all markets where we operate,” it said in a statement issued in response to a Reuters query. Adidas said it could not provide further information until the investigation was completed.

According to the FT, the letter alleges that Adidas staff received kickbacks from external service providers who were commissioned by the company that include “millions in cash from suppliers, and physical items such as real estate”. China sales of the German sportswear giant grew by 8% in the first-quarter, the company reported earlier.

No comments yet!

Europe

!europe@feddit.de

Create post

News/Interesting Stories/Beautiful Pictures from Europe 🇪🇺

(Current banner: Thunder mountain, Germany, 🇩🇪 ) Feel free to post submissions for banner pictures

Rules

(This list is obviously incomplete, but it will get expanded when necessary)

  1. Be nice to each other (e.g. No direct insults against each other);
  2. No racism, antisemitism, dehumanisation of minorities or glorification of National Socialism allowed;
  3. No posts linking to mis-information funded by foreign states or billionaires.

Also check out !yurop@lemm.ee

Community stats

  • 1

    Monthly active users

  • 2K

    Posts

  • 10K

    Comments

Community moderators