Pernod Ricard Denies Breaching India's Law, Its Lawyers Said Otherwise
NDTV
The ED in January 2023 accused Pernod Ricard India (PRI) of engaging in money laundering by unlawfully facilitating $24 million in corporate guarantees to help some retailers fund their license bids
An internal investigation ordered by Pernod Ricard concluded that top executives at its India business violated the law by colluding with alcohol retailers in New Delhi, according to a document seen by Reuters, even as the French giant's representatives denied wrongdoing in court and publicly.
The Enforcement Directorate (ED) in January 2023 accused Pernod Ricard India (PRI) of engaging in money laundering by unlawfully facilitating $24 million in corporate guarantees to help some retailers fund their license bids in exchange for stocking more Pernod brands.
PRI lobbied New Delhi officials in favour of a 2021 law that allowed private retailers to run liquor shops, Reuters previously reported, in a major departure from the earlier system of the government operating such stores.
