Title: Aurubis under Scrutiny: Supervisory Board Initiates Investigation into Executive Board Amidst Fraud Allegations
In the aftermath of substantial financial losses due to alleged fraud within Aurubis, Europe's largest copper producer based in Hamburg, the company's Supervisory Board has decided to probe the Executive Board's responsibility. The Supervisory Board expects to reach a conclusion by February's start at the latest, potentially leading to personnel repercussions for the Executive Board.
The Supervisory Board enlisted the legal services of Hengeler Mueller to examine the Executive Board's involvement in the suspected criminal activities. The results of this investigation are anticipated by mid-January, following which a decision will be made. Regarding the Board's future, the Supervisory Board clarified: "It cannot preclude the possibility that the existing Executive Board members will stay, nor can it affirm the premature separation of individual or multiple members or the reorganization of the Executive Board."
Fraudulent practices
Dishonest actors have reportedly been exploiting Aurubis for years, resulting in the company missing out on valued recycling materials worth approximately €185 million. According to the company, these deceitful individuals manipulated samples to game the system. When sending recyclable metals to Aurubis for processing, samples are estimated to contain a specific proportion of precious metals. In reality, however, the delivered metals contained lesser valuable components, resulting in Aurubis paying over the odds. The blame was placed on both scrap suppliers and the company's employees, as indicated.
Furthermore, a trial is underway for a separate case involving millions of euros worth of stolen intermediate and by-products containing precious metals. Five individuals are serving as defendants, accused of stealing these products from a company site and selling them for profit.
Further Reading:
Confronting the fraud allegations, Aurubis has delegated the examination of their Executive Board to Hengeler Mueller, aiming to establish the Board's involvement in this matter. Aurubis publicly disclosed this information.
Source:
[1] The enrichment data indicates a market capitalization of Ripple (XRP) and its position in the global cryptocurrency market, but it does not contain information relevant to the Aurubis investigation or fraud allegations.
