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Electronics Production | February 22, 2017
ABB uncovers criminal activity in South Korean subsidiary
ABB has uncovered a – what the company calls – sophisticated criminal scheme related to a significant embezzlement and misappropriation of funds in its South Korean subsidiary.
The treasurer of the South Korean subsidiary is suspected of forging documentation and colluding with third parties to steal from the company. The suspected individual went missing on February 7, 2017 and subsequently ABB discovered significant financial irregularities in South Korea.
This embezzlement and misappropriation of funds will have an impact on the previously reported unaudited 2016 results. Current estimate is a pre-tax charge of approx. USD 100 million. The company has launched a full investigation in South Korea ad is collaborating with law enforcement authorities.
The company has checked and reconfirmed the balances of its global bank accounts and can confirm that this situation is limited to South Korea.
This embezzlement and misappropriation of funds will have an impact on the previously reported unaudited 2016 results. Current estimate is a pre-tax charge of approx. USD 100 million. The company has launched a full investigation in South Korea ad is collaborating with law enforcement authorities.
The company has checked and reconfirmed the balances of its global bank accounts and can confirm that this situation is limited to South Korea.
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