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”.
Press Release from Carey Olsen, Friday 29 November, 2024. Carey Olsen has advised on an innovative captive assisted value share bulk purchase annuity (BPA) transaction with M&G plc (“M&G”).
South African taxpayers have historically been successful at resisting forced government policies they deem unjust—and failing that, thousands have just called it quits on the country altogether.
Hong Kong is gearing up to roll out a special licensing system for cryptocurrency-to-fiat exchanges. This move aims to make the city an attractive destination for virtual asset investments thanks to
Ahead of a vote in the European Parliament on new debt rules for EU countries, the Greens co-president Philippe Lamberts warned against the “end of the European Union as we know it” in a worst-case