Puma forced into writedowns after fraud claims at Greek joint venture

first_img GERMAN sporting goods maker Puma said yesterday it would bring criminal charges against its partners in a Greek joint venture after discovering an alleged swindle that could cost it as much as €130m (£115.3m).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,” said Puma chief executive Jochen Zeitz.He said it was not yet clear how much Puma would seek in damages from its partners, brothers Georgious Glou and Antonius Glou, who own 15 per cent each of the Puma Hellas venture.Officials at Glou, a non-listed Greek clothing retailer, declined to comment. The two brothers did not immediately return a phone call to their office seeking comment. Greece is one of Puma’s ten biggest European markets, with annual sales in the 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 southeastern European country. Greece’s economy has been pummeled as the debt-choked country tightens its belt to slash its sky-high budget deficit. The unemployment rate there has risen to 12 per cent and is set to head to more than 14 per cent next year. Zeitz said Puma, which is controlled by France’s PPR will exercise an option to take over the Glou brothers’ 30 per cent of Puma Hellas and gain full control of the business. Puma forced into writedowns after fraud claims at Greek joint venture Show Comments ▼ whatsapp Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com KCS-content whatsapp Monday 25 October 2010 8:04 pm Tags: NULLlast_img

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