Swiss engineering company ABB says that an executive at its South Korean unit is suspected of leading a “sophisticated criminal scheme” to steal millions of dollars from the company. The scandal could cost it as much as USD100 million.
The Zurich-based company says in a statement that the treasurer of the subsidiary, who went missing on Feb. 7, “is suspected of forging documentation and colluding with third parties to steal from the company.”
ABB said it launched an investigation in cooperation with South Korean authorities and Interpol, the international police body. It has confirmed that the “situation” is limited to South Korea. South Korean police confirmed the suspect’s identity as ABB Korea’s vice president, surnamed Oh. ABB documents show it has an executive in South Korea named Oh Myung-se.
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