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

Staff Writer | February 22, 2017
ABB said it uncovered a "sophisticated criminal scheme" in a South Korean subsidiary that led to about $100 million being stolen from the company.
ABB Korea
South Korea   Suspected of forging documentation
"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.