As investigations into the thefts continue, Aurubis plans to file an insurance claim amounting to around $31.5 million. | Teerasak Ladnongkhun/Shutterstock[/caption]
Leaders at Aurubis believe the company may have been ripped off to the tune of $194 million worth of metal, and insurance proceeds and restitution are unlikely to fully compensate the smelter company.
The Hamburg, Germany-based company on Sept. 19 provided an update on its investigation into missing metal inventories at its Hamburg smelter. Aurubis uncovered an organized plot to manipulate samples in its scrap recycling area, according to the release.
The company on Aug. 31 had disclosed that a review found a shortfall in its metals inventory. The missing metal was an indication that the thefts Aurubis discovered in June had gone deeper than previously known or that the company had again become a heist target since then.
Aurubis initially estimated the metals inventory might be valued in the “low, three-digit-million-euro range," and it ordered up a more thorough audit to determine the damages. The company now says the audit found a precious metals shortfall of about 185 million euros, or about $194 million based on today's exchange rate.
"We are working closely with the investigative authorities and at full speed to get to the bottom of the criminal activities. We have pulled all of the necessary internal resources together and are using external forensic specialists," Aurubis CEO Roland Harings stated in the press release. "At the same time, based on the findings of the investigation, we are immediately and comprehensively improving the level of protection against professional crime."
The latest release noted there was manipulation of the shipments and samples of scrap with high contents of valuable metals.
"The shipments did not contain the metals in the amounts expected based on the manipulated samples, and inflated invoices were paid as a result," the release noted. "It was apparently possible to manipulate these input materials despite the high security standards, customary for the industry, in place at Aurubis."
Based on initial recommendations from a security task force that's been set up, Aurubis has placed additional restrictions on who can access sensitive areas, particularly the sampling areas, and increased checks of individuals and vehicles, as well as provided more extensive surveillance, the release notes.
[caption id="attachment_9725" align="aligncenter" width="1080"] As investigations into the thefts continue, Aurubis plans to file an insurance claim amounting to around $31.5 million. | Teerasak Ladnongkhun/Shutterstock[/caption]
Leaders at Aurubis believe the company may have been ripped off to the tune of $194 million worth of metal, and insurance proceeds and restitution are unlikely to fully compensate the smelter company.
The Hamburg, Germany-based company on Sept. 19 provided an update on its investigation into missing metal inventories at its Hamburg smelter. Aurubis uncovered an organized plot to manipulate samples in its scrap recycling area, according to the release.
The company on Aug. 31 had disclosed that a review found a shortfall in its metals inventory. The missing metal was an indication that the thefts Aurubis discovered in June had gone deeper than previously known or that the company had again become a heist target since then.
Aurubis initially estimated the metals inventory might be valued in the “low, three-digit-million-euro range," and it ordered up a more thorough audit to determine the damages. The company now says the audit found a precious metals shortfall of about 185 million euros, or about $194 million based on today's exchange rate.
"We are working closely with the investigative authorities and at full speed to get to the bottom of the criminal activities. We have pulled all of the necessary internal resources together and are using external forensic specialists," Aurubis CEO Roland Harings stated in the press release. "At the same time, based on the findings of the investigation, we are immediately and comprehensively improving the level of protection against professional crime."
The latest release noted there was manipulation of the shipments and samples of scrap with high contents of valuable metals.
"The shipments did not contain the metals in the amounts expected based on the manipulated samples, and inflated invoices were paid as a result," the release noted. "It was apparently possible to manipulate these input materials despite the high security standards, customary for the industry, in place at Aurubis."
Based on initial recommendations from a security task force that's been set up, Aurubis has placed additional restrictions on who can access sensitive areas, particularly the sampling areas, and increased checks of individuals and vehicles, as well as provided more extensive surveillance, the release notes.
As investigations into the thefts continue, Aurubis plans to file an insurance claim amounting to around $31.5 million. | Teerasak Ladnongkhun/Shutterstock[/caption]
Leaders at Aurubis believe the company may have been ripped off to the tune of $194 million worth of metal, and insurance proceeds and restitution are unlikely to fully compensate the smelter company.
The Hamburg, Germany-based company on Sept. 19 provided an update on its investigation into missing metal inventories at its Hamburg smelter. Aurubis uncovered an organized plot to manipulate samples in its scrap recycling area, according to the release.
The company on Aug. 31 had disclosed that a review found a shortfall in its metals inventory. The missing metal was an indication that the thefts Aurubis discovered in June had gone deeper than previously known or that the company had again become a heist target since then.
Aurubis initially estimated the metals inventory might be valued in the “low, three-digit-million-euro range," and it ordered up a more thorough audit to determine the damages. The company now says the audit found a precious metals shortfall of about 185 million euros, or about $194 million based on today's exchange rate.
"We are working closely with the investigative authorities and at full speed to get to the bottom of the criminal activities. We have pulled all of the necessary internal resources together and are using external forensic specialists," Aurubis CEO Roland Harings stated in the press release. "At the same time, based on the findings of the investigation, we are immediately and comprehensively improving the level of protection against professional crime."
The latest release noted there was manipulation of the shipments and samples of scrap with high contents of valuable metals.
"The shipments did not contain the metals in the amounts expected based on the manipulated samples, and inflated invoices were paid as a result," the release noted. "It was apparently possible to manipulate these input materials despite the high security standards, customary for the industry, in place at Aurubis."
Based on initial recommendations from a security task force that's been set up, Aurubis has placed additional restrictions on who can access sensitive areas, particularly the sampling areas, and increased checks of individuals and vehicles, as well as provided more extensive surveillance, the release notes.
Categories