One of Konecranes foreign subsidiaries has become the victim of a fraud. The perpetrators have through identity theft and other fraudulent actions managed to induce the subsidiary to make unwarranted payments in a total amount of up to EUR 17.2 million. Konecranes has reported the crime to the police authorities in the relevant countries and is working closely with the authorities to recover its losses and to bring the perpetrators of the fraud to justice.
Konecranes has a crime insurance covering the whole group of companies in which the sum insured is EUR 10 million.
Since the potential losses caused by the fraud are extraordinary costs, which do not affect Konecranes ability to generate operating profit, they will not affect the 2015 financial guidance previously published by Konecranes.
Konecranes hopes that this information shall also help other companies to avoid becoming victims of similar crimes. Having regard to the ongoing police investigations, and to maximize their chances of success, Konecranes will not give further information on the incident at this stage.
Director, Investor Relations
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2014, Group sales totaled EUR 2,011 million. The Group has 11,900 employees at 600 locations in 48 countries. Konecranes is listed on the Nasdaq Helsinki (symbol: KCR1V).