ABB has uncovered a sophisticated criminal scheme related to a significant theft and misappropriation of funds in its South Korean subsidiary.
The treasurer of the South Korean subsidiary is suspected of forging documentation and colluding with third parties to steal from the company, ABB stated in a press release.
A full investigation in the case is under way.
This misappropriation of funds will have an impact on the previously reported unaudited 2016 results.
As a consequence of the ongoing investigation, ABB will publish its 2016 Annual Report latest by March 16, 2017.