Puma AG said “irregularities” at its Greek joint venture will cause the company to write off as much as 115 million euros ($162 million).

About 15 million euros will be charged against this year's results, with the remainder applying to prior years, Puma said in a statement.

The company's Greek joint venture partner and members of the unit's management are suspected of committing “a series of criminal acts,” Puma said, citing the initial findings of an independent audit. A new local management has been installed and the irregularities have been halted, according to the statement.

Puma said it expects to incur one-time costs of as much as 30 million euros in the fourth quarter, including 15 million euros as a result of the irregularities and the “general market situation in Greece.” The company will also restate reported figures for 2009.

PPR also said it will restate its financial statements to reflect its controlling stake in Puma. The restatement will cut 2010 net income by about 20 million euros, the company said.

PUMA AG's Management and Supervisory Board have resolved to assert all claims according to civil and criminal law against the Greek Joint Venture minority partner and members of the local Greek management.