Saturday, 24 August 2013

SFIO submits report on Reebok scam

The Serious Fraud Investigation Office has submitted to government its final probe report on alleged financial irregularities at sportswear maker Reebok India.

"The final report is with us. Within a day or so, we will be closing the case.... The final SFIO report reached my office yesterday," corporate affairs minister Sachin Pilot said on Thursday.
The case relates to alleged financial irregularities at the sportswear maker. Reebok India in its FIR filed last year had alleged financial fraud to the tune of Rs 870 crore at the company.

Pilot said the Reebok case had a long investigation and there are "some substantial findings".

"The report has come to us. It is quite comprehensive and we will take appropriate action," he added.

Specific details were not immediately available. SFIO comes under the Corporate Affairs Ministry. Last year, Reebok India had filed an FIR alleging fraud by its former Managing Director Subhinder Singh Prem and Vishnu Bhagat. Both of them have denied the charges.

Pilot was talking to reporters on the sidelines of a function to present the national awards for excellence in cost management. The event was organised by the Institute of Cost Accountants of India.
http://articles.economictimes.indiatimes.com/2013-08-23/news/41440744_1_reebok-india-reebok-case-reebok-scam

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