Germany’s Leoni defrauded of 40 million euros


FRANKFURT: German automotive wiring system’s maker Leoni (LEOGn.DE) has become the victim of a fraud in which it incurred 40 million euros (£34.82 million) in damages, the company said in a statement on Tuesday.

It said fraudsters had used falsified documents and identities to funnel company funds abroad, without providing further detail. Leoni said the activities had not affected its IT systems or data security.

“The extent to which the damage will affect the projected net income for the year cannot at present be assessed,” the German company said in a statement, adding that the company’s liquidity situation has not been damaged “substantially”.

Shares in Leoni shed 5.3 percent on the news.