- Adidas’ headquarters in Germany was raided in connection with a tax investigation.
- Authorities are probing customs and tax regulations for products imported into Germany over a five-year period that began in October 2019.
Adidas’ German headquarters was raided on Tuesday in connection with a yearslong tax investigation, the company confirmed to CNBC in a statement.
Authorities are investigating customs and tax regulations for products imported into Germany over a roughly five-year period from October 2019 to August of this year, a spokesperson said.
Offices at the company’s headquarters in Herzogenaurach, along with other locations, were searched. Adidas said it has provided investigators with relevant documents and information and has previously been in contact with customs authorities about the matter over the past several years.
“The company does not expect any significant financial impact in connection with the investigation,” Adidas said in the statement.
The company said it “continues to work closely with the customs authorities to also clarify issues arising from different interpretations of German and European law.”
The tax investigation is the latest scandal to hit the sneaker maker after its disastrous breakup with Ye, the rapper formerly known as Kanye West, over antisemitic comments he made.
No additional details about the tax investigation were immediately known. Shares were up slightly in extended trading.
Source: Business - cnbc.com
