Argentina suspends Procter & Gamble operations

Argentina suspends Procter & Gamble operations

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.

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