[Alpha Biz= Reporter Kim Sangjin] On the 16th (local time), the Financial Times reported that global apparel brand Adidas has received an internal whistleblower complaint alleging embezzlement of hundreds of millions of euros by senior executives. Following this, Adidas has initiated an investigation into allegations of large-scale bribery within its Chinese subsidiary.

According to an anonymous document purportedly authored by "Adidas China employees," several names of employees, including senior managers responsible for marketing budgets in the Chinese subsidiary, were listed. The document claimed that these individuals received rebates from partner companies, amounting to an annual budget of €250 million (approximately 370 billion KRW).

The document is said to have been authored by an employee of Adidas' Chinese subsidiary. While Adidas officials acknowledged that the document's author did not provide concrete evidence of embezzlement, they noted that the author seemed to be well-informed about highly sensitive internal matters.

Another senior executive from a different department is also under suspicion of receiving millions of dollars in cash, real estate, and other material goods from partner companies.

Adidas confirmed on the 7th of the month that they had received a document stating there may be regulatory violations in China. They stated, "We are committed to complying with laws, internal regulations, and ethical standards in all markets where we operate. We are actively investigating this matter with external legal advisors."

Sources from the Financial Times indicated that none of the individuals under investigation have been suspended or disciplined at this time.

 

 

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