Copper producer - Fraud involving millions: Possible personnel consequences at Aurubis
Following the millions in losses caused by fraud at the Hamburg-based copper producer Aurubis, the company's top management could face personnel consequences. "The Supervisory Board cannot currently rule out the possibility of the current Executive Board members continuing in office unchanged, nor can it rule out the premature separation of individual or several Executive Board members or a restructuring of the Executive Board," Aurubis AG announced on Tuesday after a meeting of the Supervisory Board. "It will probably decide on this in January or early February 2024."
The Supervisory Board dealt intensively with Executive Board matters at the meeting, but has not yet made any decisions. Accordingly, the Supervisory Board first wants to await the results of an investigation commissioned by it from a law firm into the responsibility of the Management Board in connection with the criminal offenses that have come to light. The report is expected in mid-January 2024.
Aurubis was the victim of a large-scale fraud this year, with losses estimated at almost 200 million euros. The fraud was discovered during regular checks of the metal inventory. There were considerable deviations from the target stock as well as deviations in special samples of certain recycling deliveries. Aurubis assumes that manipulated samples with high levels of valuable metals were submitted, but that the deliveries then contained significantly less valuable metals - which ultimately led to over-invoicing.
Due to the damage, fiscal year 2022/23 (until the end of September) ended with a 34 percent slump in operating pre-tax profit to 349 million euros, as Aurubis AG announced in November. The full financial figures are to be published on Wednesday.
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- The fraud at Aurubis involved raw materials, with manipulated samples of valuable metals being submitted, leading to significant losses.
- The executive floor at Aurubis AG is currently in a state of uncertainty, as the Supervisory Board considers personnel consequences in light of the millions in loss due to fraud.
- The German metal industry has been shaken by the million euro fraud at Aurubis, raising questions about consistency and accountability within the industry.
- Despite the Supervisory Board's ongoing investigation into the management board's role in the fraud, Aurubis has reported a 34% slide in operating pre-tax profit for fiscal year 2022/23.
- The Hamburger copper producer Aurubis is grappling with the aftermath of its multi-million euro fraud, which has brought substantial loss and scrutiny to the company and the metal industry as a whole.
Source: www.stern.de
