{"id":13783,"date":"2023-09-19T16:25:27","date_gmt":"2023-09-19T16:25:27","guid":{"rendered":"https:\/\/prosfunds.com\/business\/thieves-stole-nearly-200-million-from-europes-largest-copper-producer\/"},"modified":"2023-09-19T16:25:28","modified_gmt":"2023-09-19T16:25:28","slug":"thieves-stole-nearly-200-million-from-europes-largest-copper-producer","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=13783","title":{"rendered":"Thieves stole nearly $200 million from Europe\u2019s largest copper producer"},"content":{"rendered":"
\n

\n Fraudsters have robbed Europe\u2019s largest copper producer of \u20ac185 million ($198 million) worth of the metal, possibly with the help of insiders, the company said Tuesday.\n <\/p>\n

\n After carrying out an extraordinary inventory on August 31, Germany\u2019s Aurubis found that it had paid inflated invoices for shipments of scrap metal and other inputs, based on samples that had been manipulated to show a much higher copper content than turned out to be the case.\n <\/p>\n

\n The inventory had established the scale of thefts the company disclosed on August 31 and in June, an Aurubis spokesperson told CNN. The losses forced Aurubis to slash its pretax profit forecast for the current fiscal year by about \u20ac170 million ($182 million).\n <\/p>\n

\n The company said on June 15 it had identified \u201cpast criminal activities\u201d and that the public prosecutor\u2019s office and police in Hamburg, where Aurubis is based, were investigating \u201cactive and former Aurubis employees\u201d as well as people employed by other companies working at the Aurubis plant.\n <\/p>\n

\n \u201cThe company has given the Public Prosecutor\u2019s Office and the police its full support for several years,\u201d it added, noting that some of the suspects had been arrested.\n <\/p>\n

\n Whether the same criminals are behind these past cases and the <\/strong>theft disclosed in August is the subject of ongoing investigations, the Aurubis spokesperson said Tuesday.\n <\/p>\n

\n The State Office of Criminal Investigation in Hamburg is still conducting its investigation, the company said.\n <\/p>\n

\n Hamburg police also told CNN earlier this month that it had opened a probe, adding that there was \u201ccurrently no evidence\u201d that the latest and previous cases at Aurubis were connected.\n <\/p>\n

\n Aurubis produces about 1.1 million tonnes (1.2 million tons) of copper \u201ccathodes,\u201d or square sheets, per year at plants in Europe and the United States. The company accounts for around 30% of Europe\u2019s production of such copper and 3% to 5% of global output.\n <\/p>\n

\n Copper is widely used in construction, including in electrical wires and water pipes. It is also a vital metal for energy transition as it is used in wind turbines, solar panels and electric cars.\n <\/p>\n

\n \u2014 Nadine Schmidt contributed reporting. <\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fraudsters have robbed Europe\u2019s largest copper producer of \u20ac185 million ($198 million) worth of the metal, possibly with the help of insiders, the company said Tuesday. After carrying out an extraordinary inventory on August 31, Germany\u2019s Aurubis found that it had paid inflated invoices for shipments of scrap metal and other inputs, based on samples […]<\/p>\n","protected":false},"author":1,"featured_media":13784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-13783","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nThieves stole nearly $200 million from Europe\u2019s largest copper producer | Prosfunds<\/title>\n<meta name=\"description\" content=\"Fraudsters have robbed Europe\u2019s largest copper producer of \u20ac185 million ($198 million) worth of the metal, possibly with the help of insiders, the company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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