SFIO finalising report into Rs870 crore fraud at Reebok
Moneylife Digital Team 19 March 2013

Reebok India in its FIR filed last year had alleged financial fraud to the tune of Rs870 crore by top officials of the company

The Serious Fraud Investigation Officer (SFIO) is finalising its report into the alleged financial irregularities at sportswear maker Reebok India, corporate affairs secretary Naved Masood said on Monday.

 

“The SFIO is looking at the case more from the technical violations (view) and observance of the corporate law view point... They are finalising the report,” Masood said.

 

Reebok India in its FIR (first information report) filed last year had alleged financial fraud to the tune of Rs870 crore at the company.

 

Explaining the reasons for the delay, Masood said, “It is not a question of looking at the delay but looking at all possible issues so that the final outcome is watertight”.

 

Last year, Reebok India had filed an FIR alleging fraud by its former managing director, Subhinder Singh Prem and Vishnu Bhagat. However, both of them have denied the charges.

 

Earlier this month, the German sportswear giant Adidas had said its balance sheet for 2011 is negatively impacted by 153 million euros (over Rs1,090 crore) due to “commercial irregularities” at its arm Reebok India Company.

 

The company had in April last year stated that the estimated maximum negative impact due to the alleged fraud by its two top executives at Reebok India, could be up to a pre-tax amount of 125 million euros.

Comments
Array
Free Helpline
Legal Credit
Feedback