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Switzerland's ABB hit by $100 million South Korean fraud

It employs around 800 people in South Korea and generated sales of $525 mn in 2015

Reuters  |  Zurich 

Swiss engineering group ABB fell victim to a "sophisticated criminal scheme" at its South Korean subsidiary, it said on Wednesday, with the chief suspect an executive responsible for ethics training. The executive, named by a source in South Korea as Oh Myeong-se, was treasurer and one of two integrity ombudsmen for ABB Korea - to whom staff were supposed to report any ethical concerns - according to an online company magazine available on ABB's Korean website. He was also the head of compliance at ABB in Korea until 2010, said a source familiar with the ...

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First Published: Wed, February 22 2017. 22:38 IST