Client:       European Multinational Firm

Problem:   Suspect Fraud & CBT by its local Senior Management (SM) team

 

Background

Suspicion that the SM had manipulated shipping invoices and materials purchase while also involved in the running of a parallel business. There was also possible collusion with outside parties, whereby fast-moving consumer items were diverted /stolen from port warehouses resulting in end-delivery consignments shortfall. There was also the monumental task of uncovering hidden assets.  This would be used to assess the damage/loss to the company during the SM’s tenure.

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Axis Solution

An industry expert from our panel identified the possible areas to be investigated and our forensic accountant defined more specifically the parties that could be involved.

Recorded surveillance verified conclusively a trail of deception that involved the firms’ general supplier, raw materials supplier and a former shipping agent.  This was further supported by the forensic accounting.  Additionally, uncovered was a ‘syndicate’ ring that operated through a cargo agent linked to one of the SM.

The identities of these culprits were notified to the Police and several arrests were made. The trace of all possible intangible & tangible assets of the SM helped quantify the loss,  as these assets was  accumulated through illegal means during the tenure of the SM with the firm. The evidence is undisputable and loss recovery was not difficult due to the assets traced.