Many residents in the UAE stressed that maintaining these regular bedtime routines can be difficult as professional lives can often be quite demanding
uae4 hours ago
The company’s former managing director, chief operating officer and three general managers were arrested on Wednesday on accusations of forging records, stealing goods and creating ghost distributors across India to defraud Reebok.
The accused had ‘allegedly been systematically cheating the company for over five years. They had set up their own company within Reebok to steal the merchandise’, senior police officer B. Singh told AFP.
The scam came to light when Reebok’s parent company, the German sports giant Adidas, found discrepancies in the annual accounts and filed a criminal complaint with police in Gurgaon, a booming satellite city outside Delhi.
Adidas estimates the fraud cost the company about 8.7 billion rupees ($160 million).
In March, the company dismissed the managing director Subhinder Singh and chief operating officer Vishnu Bhagat and accused them of falsifying sales records and passing off genuine goods as defective products.
The three general managers who have been arrested allegedly rented four warehouses and used these to store goods and claimed they were supplied to genuine dealers, police said.
The executives have denied the charges.
Earlier this year, Adidas in Germany warned that 2012 earnings were likely to be hit by the discovery of ‘commercial irregularities’ at its Indian Reebok subsidiary.
Adidas announced in May plans to reduce by one-third the number of its 800 Reebok stores in India as part of a restructuring strategy for the brand.
Adidas purchased US competitor Reebok in 2005 for $3.8 billion but only merged the Indian operations of the two brands last year.
Many residents in the UAE stressed that maintaining these regular bedtime routines can be difficult as professional lives can often be quite demanding
uae4 hours ago
The UAE reaffirmed its consistent rejection of all forms of violence targeting civilians and undermining security and stability
uae5 hours ago
While you should definitely carry a jacket in the evenings, you should keep an umbrella at hand if you're heading to these areas
weather6 hours ago
A young child was among the dead, and more than 60 people were injured, some of them seriously
europe6 hours ago
Uthappa has represented India in 59 international matches and has been a popular figure in the Indian Premier League
sports6 hours ago
Research shows it is most common among teenagers and young adults, primarily because this age group places high value on peer validation
mental health6 hours ago
The licence can only be obtained after completing the required initial training with an accredited institution
aviation6 hours ago
These perks can make a significant difference in your professional and personal life — so, if you're on a job hunt, take notes
jobs7 hours ago