Reebok India causes Rs 870 crore damage

The Adidas group today said it might have to restate its prior year consolidated financial statements after uncovering commercial irregularities at its Reebok India operations, which were not immediately quantified.
The German sporting giant said the "estimated maximum negative impact (arising from these irregularities) could be up to a pre-tax amount of 125 million euros (roughly Rs 870 crore)".
"Because of the sensitivity of the ongoing investigation, specific details will be disclosed as appropriate in due course," the Adidas group said in a statement that accompanied its preliminary first-quarter results.
"As these irregularities have been deemed to have occurred prior to the 2012 financial year, the Adidas group might have to restate prior-year consolidated financial statements."

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