P&G Argentinian Operations Suspended Over Alleged Tax Fraud

Consumer products maker Procter & Gamble has had its Argentinian operations suspended. The household brand giant has been accused of tax fraud by Argentinian authorities relating to imports from Brazil. Argentina's tax agency accused Procter & Gamble of billing products worth $138 million through a Swiss subsidiary in order to hide taxable income. Procter and Gamble said on Monday that it was looking into the allegations. Argentina suffered a sovereign debt default back in July and has been banished from the international capital markets since 2002. Procter and Gamble has been manufacturing and distributing products in Argentina since 1991.