An Indian investigating agency has accused French spirits group Pernod Ricard in court documents of illegally making profits in India of $23 million by giving false price information and conspiring in an email campaign to sway New Delhi city's liquor policy.
The city's policy in 2021 required liquor manufacturers to disclose their lowest factory prices in the entire nation so that the local government could set competitive prices and boost revenue. But Pernod gave "false", higher prices, helping it earn "excess profit" of $23 million, the agency alleged in the filing seen by Reuters.
The Enforcement Directorate and the Delhi city government did not respond to emails requesting comment. , which then issued loans to retailers who were bidding. In return, stores stocked more Pernod liquor, boosting its market share. Citing what it called "additional proof", the agency also said Mishra, who was acting India chief financial officer in mid-2021, consented to the issuance of corporate guarantees for the loans, and informed group CFO Helene de Tissot about the strategy.
The guarantees do "not breach any legal representations in our group external financings", the email added.
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