ABB Says It Uncovers Criminal Activity in South Korea Unit Tied to $100 Million Theft
February 22 2017 - 2:25AM
Dow Jones News
By Brian Blackstone
ZURICH--Swiss engineering company ABB Ltd. said Wednesday it
uncovered a "sophisticated criminal scheme" in a South Korean
subsidiary that led to about $100 million being stolen from the
company.
"The treasurer of the South Korean subsidiary is suspected of
forging documentation and colluding with third parties to steal
from the company, " ABB said in a statement.
The suspect, who wasn't named by the company, went missing on
Feb. 7, ABB said. A company spokesman said ABB uncovered the theft
on Feb. 9. It is working with local police and Interpol.
ABB estimates that the scheme will lead to a pretax charge of
around $100 million in its 2016 results.
"The company has checked and reconfirmed the balances of its
global bank accounts and can confirm that this situation is limited
to South Korea," ABB said.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
February 22, 2017 02:10 ET (07:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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