Adidas shoes are on display at a DSW store on January 31, 2024 in Novato, California.
Justin Sullivan | Getty Images
Adidas The company has launched an investigation into allegations of massive bribery in China after receiving a whistleblower tip alleging senior employees embezzled “millions of euros”, the Financial Times reported on Sunday.
The anonymous letter, written by someone claiming to be an “Adidas China employee,” lists the names of several Adidas China employees, including a senior manager involved in the country’s marketing budget, which the document said was 250 million euros ($267.5 million). ).
Adidas confirmed that it received an anonymous letter on June 7 indicating possible violations in China. The German sportswear company said it was investigating the matter with outside legal counsel.
Adidas said in a statement in response to inquiries from Reuters: “Adidas takes allegations of possible breaches of regulations very seriously and is unequivocally committed to complying with legal and internal regulations and ethical standards in all markets in which we operate.” Adidas said in No further information can be provided until the investigation is complete.
According to the Financial Times, the letter alleged that Adidas employees received kickbacks from external service providers commissioned by the company, including “millions in cash from suppliers as well as in-kind items such as real estate.”
German sportswear giant’s sales in China grown up The company earlier reported first-quarter growth of 8%.
About The Author
