Argentina has ordered the world's number one household products maker, US-based Procter and Gamble, to suspend is operations in the South American country because of an alleged scheme to defraud Buenos Aires out of corporate taxes owed.

“Our main objective is that P&G pay back to the Central Bank the foreign currency that was sent out,” Argentine tax agency head Ricardo Echegaray said in the statement.  “And that it pays the customs’ fines and the avoided taxes.”

The agency is seeking a foreign travel ban on local company executives, and has suspended P&G’s Tax Identification Code as a preventative measure.  The alleged fraud involves shipments of razors and other hygiene products from Brazil that were overbilled through a subsidiary in Switzerland.

A Procter & Gamble spokesman said the company is working to understand fully the allegations and resolve them.

“We don’t pursue aggressive tax/fiscal planning practices as they simply don't produce sustainable results,” said P&G’s Paul Fox, adding the consumer products maker values its relationship with the country and its consumers.