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Construction : Web Exclusive | August 2016 | Source : Equipment India

Leoni targeted by criminals

Leoni AG realised on August 12, 2016 that it had become the victim of fraudulent activity with the help of falsified documents, identities and the use of electronic communication channels. As a result, company funds were transferred to accounts abroad. 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 EUR 40 million. 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. However, the company has said that the liquidity situation of 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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