German sporting goods manufacturer Puma will have to write off 115 million euros. It is reported by Agence France-Presse, referring to the company.
Puma will suffer losses because of its Greek joint venture partner PUMA Hellas SA, which in the course of the audit was convicted of conducting illegal financial operations. According to Reuters, are suspected of fraud and managers of the Greek division Puma.
Company’s press service reported that Puma is preparing to bring a claim to the partners and employees in Greece. In addition, the company plans to restructure its Greek unit.
As noted by Reuters, violations relate mainly to transactions that took place in 2009. Due to the cancellation of the company will be forced to provide new financial statements. It is assumed that net income in 2010 because of the violations will be reduced by 20 million euros.
The initiator of an independent audit acted as guide Puma. In Puma Hellas S.A. declined comment.
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