Two Adidas employees out in China corruption probe [CNN]
Nike, Inc. (NKE)
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Source: CNN
Hong Kong CNN — Two employees have left Adidas as a result of an ongoing investigation by the German sportswear brand into allegations of corruption in China. Adidas said last week that it was investigating “compliance violations” in China , a key market for its sportswear, after Chinese state media reported that the company's executives in the country had been accused of embezzling millions of euros and taking huge kickbacks. “While Adidas is investigating this matter together with independent external advisers, evidence has been found that in the interaction with local vendors, one employee violated the company's code of conduct,” Claudia Lange, head of media relations at the apparel giant, said in a statement Wednesday. “Separately, a second employee failed to meet the company's leadership expectations of demonstrating mutual respect and trust,” she said, adding that both had left the company and that the investigation continues. Chinese state media outlet Economic Vie
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