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August 16, 2016

Leoni victim of EUR40m fraud

Leoni says it has been the "victim of fraudulent activity," which has seen EUR40m (US$45.1m) flood out of its business through falsified documents and identities, as well as the use of electronic communication channels.

Leoni says it has been the “victim of fraudulent activity,” which has seen EUR40m (US$45.1m) flood out of its business through falsified documents and identities, as well as the use of electronic communication channels.

“As a result, company funds were transferred to accounts abroad,” said a Leoni statement. “The management board immediately launched an investigation into the events and is currently assessing claims for damages and insurance claims.

“It has also reported the matter to the police criminal investigators. The damage amounts to an outflow of liquidity totalling around EUR40m. The criminal activities have not affected the IT infrastructure or data security.

“The extent to which the damage will affect the projected net income for the year cannot at present be assessed.

“The liquidity situation of the Leoni Group has not been adversely affected in any material way. The performance of Leoni ‘s operations is in line with the forecast.”

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