Germany′s Leoni ′a victim of massive fraud′ | Business| Economy and finance news from a German perspective | DW | 16.08.2016
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Germany's Leoni 'a victim of massive fraud'

German wire manufacturer Leoni has reported that it has been targeted by cybercriminals, who made off with tens of millions of dollars using falsified documents. Its IT infrastructure reportedly remains unaffected.

In an ad-hoc announcement for investors on Tuesday, Nuremberg-based technology company Leoni said it had become the target of criminal activities.

"Leoni realized it had become the victim of fraudulent activity with the help of falsified documents and identities and the use of electronic communications channels," the firm said.

It noted that sizeable corporate funds had been transferred to accounts abroad.

Investigations underway

The damage amounts to an outflow of liquidity totaling 40 million euros ($45.1 million), but the criminal activities at hand "have not affected our IT infrastructure or data security," Leoni reported.

The company added that it had immediately launched an in-house investigation and was assessing damage and insurance claims. It said the incident had also been reported to the police.

Leoni emphasized the fraud's impact on projected annual income could not yet be measured reliably, but maintained there was no liquidity bottleneck.

Founded in 1917, Leoni has become a world leader in global wiring systems and cable technology. It has a workforce of 76,000 people employed in 32 countries around the globe.

hg/jtm (AFP, Reuters, dpa)

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