German sportswear giant Adidas on Saturday said it has petitioned law enforcement authorities in India seeking criminal investigation into alleged financial irregularities in Reebok India.
Based on the commercial irregularities we have uncovered at Reebok India,we have now filed a criminal complaint with the Indian law enforcement authorities (for) formal investigation, Adidas said in a statement.
However,it did not provide further details stating the matter rests with the authorities.
Reacting to the companys statement,Adidas Indias former MD Subhinder Singh Prem said a third party investigation will help uncover the truth. He has also filed a suit against Adidas India in the Delhi High Court,contesting termination of his services.
I have learnt that Adidas has petitioned the law enforcement agencies. I am happy that now a third party will investigate and the truth will emerge. I have full faith in the Indian legal system, Prem said in a statement.
Adidas alleged earlier this month that it has found commercial irregularities to the tune of 125 million euros in its subsidiary Reebok India.