ABB uncovers $100-mn South Korean fraud as suspect vanishes

ABB uncovered embezzlement at its South Korean subsidiary after the local treasurer suspected of stealing from the company went missing, leaving a $100 million shortfall in last year’s results.

The suspect, who disappeared February 7, is suspected of forging documents and colluding with third parties in a “sophisticated criminal scheme,” Zurich-based ABB said in a statement on Wednesday. After checking balances of its global bank accounts, the company said the impact is limited to the Asian nation.

The fraud is the second such disclosure this month after the Swiss maker of power grids and robots said February 8 it’s being investigated by