Mind-Blowing Heist: Europe's Largest Copper Producer Robbed of $200 Million!
Fraudsters, potentially aided by insiders, have plundered Europe's biggest copper producer, stealing a whopping €185 million ($198 million) worth of the precious metal, the company revealed
Europe's largest copper producer, Aurubis, has been defrauded of €185 million ($198 million) worth of copper, potentially with the assistance of insiders, according to the company. Following a comprehensive audit on August 31st, Aurubis discovered that it had paid exaggerated invoices for scrap metal and other supplies. These payments were based on manipulated samples, falsely indicating a significantly higher copper content than what was actually present.
The company spokesperson informed CNN that the inventory had determined the extent of thefts reported on August 31 and in June. As a result of these losses, Aurubis was compelled to reduce its pretax profit forecast for the current fiscal year by approximately €170 million ($182 million).
On June 15, the company revealed the discovery of "previous criminal activities" and stated that the public prosecutor's office and police in Hamburg, where Aurubis is located, were conducting investigations into both current and former employees of Aurubis, as well as individuals employed by other companies operating at the Aurubis plant.
The company has been offering its complete support to the Public Prosecutors Office and the police for several years. The Aurubis spokesperson stated on Tuesday that ongoing investigations are being conducted to determine if the same individuals are responsible for the previous cases as well as the theft that was revealed in August.
The investigation is still ongoing by the State Office of Criminal Investigation in Hamburg, as stated by the company. The Hamburg police informed CNN earlier this month that they have initiated an inquiry and mentioned that there is presently no indication of a connection between the recent and previous incidents at Aurubis.
Aurubis manufactures approximately 1.1 million tonnes (1.2 million tons) of copper cathodes annually at its plants in Europe and the United States. This accounts for approximately 30% of Europe's copper production and 3% to 5% of global output.
Copper is extensively utilized in the construction industry, encompassing electrical wiring and water pipe systems. Furthermore, copper plays a crucial role in the energy transition as it is utilized in wind turbines, solar panels, and electric vehicles.
Nadine Schmidt contributed reporting.
