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AkzoNobel Reports $66.5M Fraud

Monday, November 24, 2014

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Some type of "external fraud" at AkzoNobel's office in Chicago has left the paint and coating maker looking for $66.5 million.

"When detected, immediate action was taken and every effort is being made to recover the money," the company said in a very brief statement Tuesday (Nov. 18).

AkzoNobel fraud
©iStock.com / Nomadsoul1

AkzoNobel announced it has been subject to "external fraud" of up to $66.5 million USD at its Chicago office.

AkzoNobel said it believed the incident was isolated and not linked to the company's operational activities and businesses.

'Very Recent'

Appropriate law-enforcement authorities have been contacted, the company said without elaboration. 

"We can't give specific details, because we are in the middle of an investigation," company spokeswoman Diana Abrahams told FoodProductionDaily.com.

"We discovered the fraud six weeks ago, so it is very recent," Abrahams said.

AkzoNobel Chicago office
Image capture via Google Maps

The fraud targeted AkzoNobel's Chicago office (pictured), the company said.

The company said it had retained independent legal counsel and an independent audit firm to attempt to reduce the financial impact of the fraud

About the Company

Headquartered in Amsterdam, the Netherlands, AkzoNobel is a leading global paints and coatings company and a major producer of specialty chemicals. The company operates in over 80 countries and employs over 50,000 people.

   

Tagged categories: AkzoNobel; Business operations; Coatings Technology; Ethics; Finance; Laws and litigation; North America

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