According to a report by Reuters, German sporting goods player Puma is bringing criminal charges against its partners in a Greek joint venture after discovering fraud amounting to as much as €130 million (US$181 million).
Puma said it suspected that its "Greek joint venture partner, along with members of the Greek local management, has committed a series of criminal acts" based on the preliminary findings of an audit.
"This is about systematic evasion and embezzlement," Puma Chief Executive Jochen Zeitz told Reuters in an interview.
Greece is one of Puma’s 10 largest European markets, with annual sales amounting to ‘tens of millions of Euros’.
"In the long term, Greece is an important market for us," Zeitz said, but added that Puma would shrink its Greek business – under new management – to reflect tough economic conditions in the country.
