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LOGISTIC NEWS * Germany - Major fraud uncovered at Schenker in Belgium
German global forwarder and logistics provider DB Schenker has discovered large-scale accounting fraud at Belgian subsidiary Schenker NV.
Germany -Transport Intelligence, by John Manners-Bell -27 Aug 2008: -- Compliance officers from the anti-corruption team of parent company Deutsche Bahn (DB) are investigating incorrect accruals allegedly going back several years and involving tens of millions of euros. According to some media reports, those sums are as large as €40-50m, based on initial estimates. Schenker NV comprises operations in seven Belgian locations, with its main office being in Antwerp... DB chief compliance officer Wolfgang Schaupensteiner said: "Management personnel in Antwerp have to explain to us what happened to unaccounted amounts in the double-digit millions, in a case that took place over a longer period of time"...
The issue is an embarrassment for DB, occurring just months before the company's planned IPO (Initial Public Offering) which will involve the flotation of approximately 25% of the stock of its rail (passenger and freight) and logistics subsidiary DB Mobility Logistics AG. According to DB, the incident is already fully reflected in DB Mobility Logistics' figures for the first half of 2008... Labels: transport and logistics news
posted by Unknown @ 10:19 AM
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