Diageo submits financial documents in Delhi police investigation, source says
By Aditya Kalra
NEW DELHI, Aug 18 (Reuters) -Spirits group Diageo's DGE.L Indian unit has submitted financial documents sought by New Delhi anti-corruption police in an investigation related to billing and discount practices involving city agencies, a source familiar with the matter said.
Hina Nagarajan, the CEO of Diageo's Indian unit, United Spirits UNSP.NS, was summoned to appear before New Delhi police on July 26 in the case that relates to company's supply of liquor to government agencies running alcohol shops and payments received from the city between 2017 and 2020.
Nagarajan, who is also a member of Diageo's global executive committee, was asked to appear in person or through company representatives and to provide several documents related to company sales.
Nagarajan did not appear before police but after the July notice, Diageo through company representatives submitted many documents that were sought from the three-year period, said the source, who declined to be named due to a lack of authority to speak to media.
The documents submitted included certain bank statements, records of financial dealings with the Delhi city agencies to which liquor was supplied and some agreements signed with them, the source added.
Diageo India and Delhi anti-corruption police did not respond to repeated requests for comments from Reuters.
The company has previously called the Delhi case a "routine information and fact-finding exercise" and said it was cooperating with the authorities. The company added it believed police notices may have been sent to other manufacturers.
The Delhi investigation concerns how companies like Diageo India supplied liquor to government-run shops, and how those agencies sometimes offered early payments to suppliers that offered discounts, Reuters reported last month.
Police are investigating whether there was any wrongdoing in this process and if discounts given by companies were in line with liquor laws. Police had called the Diageo India CEO as a witness in the matter.
New Delhi city rules mandate all liquor retail shops to be run only by government agencies.
The Indian capital is a major market for premium liquor brands, more so for Diageo as its main rival, France's Pernod Ricard PERP.PA, has been unable to retail its products since late 2022 due to allegations of wrongdoing it faces in another investigation.
Euromonitor estimates Diageo, the world's biggest spirits maker which sells Johnnie Walker scotch whisky and Smirnoff vodka, is also India's largest with a 19% market share by volume in the $35 billion market.
Reporting by Aditya Kalra; Editing by Jamie Freed
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
