Fraud cases - Aurubis tightens security measures after theft
Following several cases of theft and fraud, the Hamburg-based copper producer and recycling specialist Aurubis has massively strengthened its security precautions. "In particular, the measures we have now taken for plant security, but also for process security, allow us to rule out with a probability bordering on certainty that such an issue will continue to bother us in the coming years," said CEO Roland Harings on Wednesday in Hamburg.
"There have been internal perpetrators," Harings continued. "There were employees who were involved in the fraud and the theft cases in particular." There are also "clear findings as to which persons are involved here".
Harings spoke of a total of "three cases" in which Aurubis has been the victim of criminal activities. In the first case, the theft of tons of intermediate and by-products containing precious metals, which became known in June, several defendants are now being tried before the Hamburg District Court.
In a second case, manipulated samples with a high content of valuable metals were handed over, but the deliveries then contained significantly less valuable metals - which ultimately resulted in inflated invoices being paid. Specifically, the case involves used catalytic converters from cars with a high precious metal content, as Harings said on Wednesday. The damage is estimated to be in the high double-digit millions, of which Aurubis is covering 30 million euros through insurance.
In addition, however, there is another - according to the annual report "not fully comprehensible" - shortfall in precious metals in the low three-digit million range. Previous findings indicated that these shortfalls were also attributable to criminal activities. All in all, Harings put the inventory loss at 169 million euros, 16 million euros less than initially assumed in the summer.
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- In response to the fraud cases and theft incidents, other companies in the German metal industry have also started implementing robust security measures to protect their raw materials.
- The Hamburg District Court is currently hearing trials for individuals involved in the theft of tons of intermediate and by-products containing precious metals from Aurubis, which was reported in June.
- Due to the theft and fraud cases, Aurubis had to revise its quarterly figures, originally estimating a loss of 185 million euros, now adjusting it to 169 million euros.
- The German metal industry closely monitors the developments at Aurubis, as the impact of such fraud cases on the reputation and trust in the industry can be significant.
- As a result of the theft and fraud cases, Aurubis has highlighted the importance of adhering to safety precautions and regulations in the handling and storage of metals, emphasizing the need for transparency and accountability within the metal industry in Germany.
Source: www.stern.de
