Konecranes Rings Fraud Alarm

zoom Finnish port automation solutions provider Konecranes has reported that one of its foreign subsidiaries has become the victim of a fraud. Konecranes says that the perpetrators have through identity theft and other fraudulent actions managed to induce the subsidiary to make unwarranted payments in a total amount of up to EUR 17.2 million (USD 19.2m). Konecranes has reported the crime to the police authorities in the relevant countries, saying that it is working closely with the authorities to recover its losses and to bring the perpetrators of the fraud to justice. The company has a crime insurance covering the whole group of companies in which the sum insured is EUR 10 million. Having regard to the ongoing police investigations, and to maximize their chances of success, Konecranes will not give further information on the incident at this stage.