Adidas’ German headquarters were raided by criminal prosecutors and customs investigators this week as part of a multi-year investigation into suspected tax evasion by the sports brand worth more than £906m (€1.1bn).
The European Public Prosecutor’s Office (EPPO) said on Wednesday that it was pursuing a “criminal investigation” against a German “corporate group trading in sportswear” over “suspicions of tax evasion relating to customs duties and import sales tax”, The Financial Times reported.
While the EPPO did not name Adidas, the German sports giant confirmed the raids and said it was “cooperating with the authorities and providing the necessary documents and information”.
The raids are understood to have included the brand’s HQ in Herzogenaurach, other business locations and employee’s private residencies over suspected cumulative tax damage at more than €1.1bn.
Adidas said that it did not expect “any significant financial impact” from the investigation and that it had been aware of the investigation “for several years”.
It claimed the issue was caused by “different interpretations of German and European law” and that the company “continues to work closely with the customs authorities”.
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