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AkzoNobel Uncovers $66 Million Fraud

by Alex Scott
November 24, 2014 | A version of this story appeared in Volume 92, Issue 47

Fraud perpetrated by an external party against a Chicago subsidiary of AkzoNobel could cost the Dutch firm up to $66 million. “When detected, immediate action was taken and every effort is being made to recover the money,” the company says. At this time the firm believes that the fraud is an isolated incident not linked in any way to the operations of the company. AkzoNobel is communicating with law enforcement authorities and has brought in an independent audit firm and legal counsel to investigate.

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