Adidas' A raid on its German headquarters took place on Tuesday in reference to a year-long tax investigation, the corporate confirmed to CNBC in an announcement.
Authorities are reviewing customs and tax regulations for products imported into Germany over a period of around five years, from October 2019 to August this 12 months, a spokesman said.
Among other things, offices at the corporate headquarters in Herzogenaurach were searched. Adidas said it had provided relevant documents and data to investigators and had already been in touch with customs authorities on the matter in recent times.
“The company does not expect any material financial impact related to the investigation,” Adidas said within the statement.
The company “continues to work closely with the customs authorities to clarify questions that arise from different interpretations of German and European law.”
The tax investigation is the newest scandal to hit the sneaker maker after its disastrous split from Ye, the rapper formerly often known as Kanye West, over anti-Semitic comments.
Further details concerning the tax investigation weren’t initially known. Shares rose barely in prolonged trading.
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