ABB found sophisticated criminal scheme in Korea, $100 million stolen
"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. ■