Adidas is investigating allegations of embezzlement and kickbacks in China
CNN
Adidas says it has started an investigation into allegations of “compliance violations” in China, a key market for its sportswear.
Adidas says it has started an investigation into allegations of “compliance violations” in China, a key market for its sportswear. Chinese state media Jiemian reported last week that local executives had been accused of embezzling “millions of euros” in an unsigned letter written by whistleblowers calling themselves employees of Adidas China. The letter was widely publicized online. Claudia Lange, head of media relations at the apparel giant, told CNN on Monday that it had received an anonymous letter on June 7 “indicating potential compliance violations in China.” “Adidas is currently intensively investigating this matter together with external legal counsel,” she said in an emailed response. Lange declined further comment pending the outcome of the inquiry. Shares of Adidas fell 3.7% on Monday. Jiemian wrote that the letter from whistleblowers had been sent directly to the company’s German headquarters before being shared on social media.
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