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		</div><h6><span style="color:#1c0202;"><strong>Swiss Engineering Firm ABB Just Took a $100 Million Hit from a ‘Sophisticated Criminal Scheme’ </strong></span></h6>
<h6><span style="color:#1c0202;"><strong>Exec in South Korean office disappears after allegedly embezzling $100M</strong></span></h6>
<h6><span style="color:#1c0202;"><strong>Oh Myeong-se, treasurer and integrity ombudsmen for ABB Korea, with responsibility for maintaining legal and ethical integrity, allegedly forged documentation and colluded with third parties to steal from the company</strong></span></h6>
<h6><span style="color:#1c0202;"><strong>Oh allegedly, embezzled a combined 35.7 billion won ($31.31 million) in 73 transactions </strong></span></h6>
<h6><span style="color:#1c0202;"><strong>The fugitive Oh, in his late 50s, fled to Hong Kong on Feb 4, four days before the company filed a complaint against him with South Korean authorities</strong></span></h6>
<h6><strong><img class="alignnone size-full wp-image-146489" src="https://konniemoments.com/wp-content/uploads/2017/02/abb-robot-in-nord-pas-de-calais-france.jpg" alt="ABB robot in Nord-Pas-de-Calais, France .jpg" width="1600" height="1200" />ABB robot in Nord-Pas-de-Calais, France </strong></h6>
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<p>A Swiss engineering company on Wednesday discovered that it had been the victim of a massive $100 million insider fraud, allegedly masterminded by an executive in its South Korea unit.<br />
The treasurer of an ABB subsidiary in Seoul, believed to be behind the rip-off, disappeared on Feb. 7. The company discovered the alleged crime two days later.<br />
Swiss engineering group ABB on Wednesday said it fell victim to a &#8220;sophisticated criminal scheme&#8221; at its South Korean subsidiary, with the chief suspect an executive responsible for ethics training.<br />
The executive, named by a source in South Korea as Oh Myeong-se, was treasurer and one of two integrity ombudsmen for ABB Korea, to whom staff were supposed to report any ethical concerns.<br />
He was also the head of compliance at ABB in Korea until 2010, said a source familiar with the investigation, a role that carries responsibility for maintaining legal and ethical integrity.<br />
Mr Oh is suspected of forging documents and colluding with third parties to steal funds, ABB said, estimating it would take a pre-tax charge of about $100 million for the affair, which analysts said raised concerns about its corporate oversight.<br />
The company claimed that he embezzled a combined 35.7 billion won ($31.31 million) in 73 transactions, the official said, adding that police were investigating the man&#8217;s accounts.<br />
Oh disappeared on Feb. 7 and ABB subsequently discovered significant financial irregularities, the company said.<br />
Oh, in his late 50s, left for Hong Kong on Feb.4, four days before the company filed a complaint against him with the South Korean police, a police official said on Thursday.</p>
<h6><img class="alignnone size-full wp-image-146449" src="https://konniemoments.com/wp-content/uploads/2017/02/abb-ag-hq-offices-in-baden-switzerland.jpg" alt="ABB AG HQ offices in Baden, Switzerland.jpg" width="1100" height="733" /><strong>ABB AG headquarters in Baden Switzerland</strong></h6>
<p>Quoting a source, Reuters identified the suspected insider as Oh Myeong-se. After he disappeared, ABB discovered significant financial irregularities.<br />
“On Feb. 9, we became aware of suspected financial irregularities in South Korea and we immediately launched an investigation,” ABB spokesman Saswato Das said.<br />
“Given the size of the scheme, the investigation may expand to third parties inside and outside of ABB in South Korea,” he said in a statement.<br />
ABB Chief Executive Ulrich Spiesshofer described the alleged fraud as “shocking news” which he said could dent the power equipment and industrial company’s reputation.<br />
“The entire ABB group, all 132,000 of us, will have to live with the consequences,” Spiesshofer told staff in a letter after the company said it had uncovered the significant embezzlement and misappropriation of funds, Reuters reported.</p>
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Highly engineered heist! Mr Oh, South Korean Exec of Swiss engineering firm ABB, disappears after allegedly embezzling $100M
