Swiss ABB victim to S. Korean fraud worth USD100m
Date
2/23/2017 3:17:40 AM
(MENAFN) Swiss engineering group ABB announced it fell a victim to a "sophisticated criminal scheme" at its S. Korean subsidiary, and the chief suspect an executive responsible for ethics training.
The executive who was treasurer and one of two integrity ombudsmen for ABB Korea - to whom staff were supposed to report any ethical concerns, was named by a source in South Korea as Oh Myeong-se.
He is also suspected of forging documents and colluding with third parties to steal funds, estimating it would take a pre-tax charge of about USD100m for the affair.
Group Chief Executive Ulrich Spiesshofer had said the fraud news was shocking, which he said could harm the power equipment and industrial firm's reputation.
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