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In the News: Adidas' Alleged China Bribery; Alternative Chinese Fund Raising from US Convertibles; and EU EV Tariffs
June 21, 2024 | BY
Clarence Lee &Krista LeeAlleged receiving of kickbacks by senior executives in China could subject Adidas to Chinese, as well as German and U.S. investigations; U.S. convertible bond market is used to raise funds by Chinese big tech amid IPO restrictions; and EU tariffs may lead to localization of Chinese EV production.
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Credit: Robert/Adobe
Whistleblowers Allege Senior Executives in Adidas Corruption
Sportswear giant Adidas has received a letter flagging potential compliance violations in China, according to Wall Street Journal. The letter, which the company received on June 7, alleged that senior executives in China received millions of dollars in kickbacks from various marketing service providers.
The letter, which was unsigned but which some have said was written by longtime Adidas employees in China, was widely publicized online. Adidas told Reuters it is not providing any further information until the investigation is complete. Adidas said it has hired external legal counsel to investigate the allegations.