Argentina suspends Procter & Gamble operations - Cincinnati News, FOX19-WXIX TV

Argentina suspends Procter & Gamble operations

File art File art

BUENOS AIRES, Argentina (AP) - Argentine authorities have accused household products giant Procter & Gamble of tax fraud and suspended its operations in the country.

The AFIP tax agency released a statement Sunday accusing the company of fraud related to imports from Brazil that it said were billed through a Swiss subsidiary for $138 million. The agency said the alleged operations were to get currency out of the country and hide taxable income.

There was no immediate comment from Procter & Gamble.

Argentina has been banished from the international capital markets since its 2002 default and suffered another sovereign default in July.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly