Reebok India fraud 'deep in the past', says Adidas India managing director

Terming last year's Rs 870-crore fraud at its arm Reebok India as a "thing in the past", Adidas India managing director Eric Haskell has said the company is now focused on building the brand and driving growth.

"This (Reebok fraud) is deep in the past for us. We are focused on growing the business. We have been busy with product launches and new marketing activities in 2013," Mr Haskell told PTI on Friday.

Reebok-owner Adidas had to take a 211 million-euro hit on account of the fraud allegedly committed by the company's former managing director Shubhinder Singh Prem and former chief operating officer Vishnu Bhagat. The matter is under investigation.

Mr Haskell said the company has always co-operated in the probe. The fraud was uncovered in May 2012.

In March this year, Adidas group had announced that due to the irregularities at Reebok India it had restated its financial statements which "led to a reduction of net income attributable to shareholders of euro 58 million for 2011".

"In addition, shareholders' equity of the opening balance sheet for 2011 is negatively impacted by euro 153 million."

The Serious Fraud Investigation Office (SFIO) submitted its final report on the probe to the Ministry of Corporate Affairs, which is expected to take a final decision soon.

The report is said to have found violations by the Indian as well as overseas management personnel at Reebok.