Adidas Faces Bribery Allegations In China, Launches Investigation: Report
Portfolio Pulse from Shivani Kumaresan
Adidas AG (OTC:ADDYY) is investigating serious bribery allegations in its China operations following a whistleblower's claims. The accusations involve high-ranking officials and significant embezzlement from the company's marketing budget. Despite the allegations, no staff members have been suspended, and the company has engaged external legal counsel to investigate.
June 17, 2024 | 9:44 am
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Adidas AG is facing serious bribery allegations in its China operations, involving high-ranking officials and significant embezzlement from the marketing budget. The company has launched an internal investigation and engaged external legal counsel.
The bribery allegations and ongoing investigation could negatively impact investor confidence and the company's stock price in the short term. The involvement of high-ranking officials and significant sums of money adds to the severity of the situation.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100