ADDYY - Adidas Faces Bribery Allegations In China Launches Investigation: Report | Benzinga
Adidas AG (OTC:ADDYY) has reportedly initiated an internal probe into serious bribery allegations in its China operations following a whistleblower’s claims, which detailed misconduct involving high-ranking officials within the company.
The accusations came to light through a whistleblower letter reportedly penned by Adidas China employees, which surfaced this June on Xiaohongshu, a popular Chinese social media platform, reported Financial Times.
This letter accuses certain Adidas personnel, including a high-level marketing manager, of embezzling substantial sums from the sportswear giant’s significant annual marketing budget of €250 million, the ...