INDIA: Reebok "will cooperate" with Indian authorities
Adidas-owned sportswear brand Reebok has said it will cooperate with authorities over the alleged fraud at its Indian business.
According to the Business Standard newspaper, Reebok India has refused to provide detailed documents to the Institute of Chartered Accounts of India (ICAI) regarding alleged irregularities in the business.
The reports added that Reebok told the accounting regulator internal investigations were under way and it could not provide any further details.
However, a spokesperson for Reebok told just-style: "If we are contacted by any authorities we will cooperate with them, as we have done in the past."
The news comes after Reebok India in May submitted a criminal complaint against Adidas India managing director Subhinder Singh Prem and COO Vishnu Bhagat over the irregularities in the business in May.
The two executives were accused of stealing products, setting up secret warehouses and fixing accounts, leading the company to lose INR8.7bn (US$155.3m), according to reports in the Indian press.
Two months earlier, the two executives left the company amid rumours of financial misrepresentations.
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