‘Criminal Activity’ May Lead to Massive Losses for European Copper Giant
Following reports of the theft, company shares fell 6% on the German exchange
Aurubis, the biggest copper producer in Europe, has been the subject of "criminal activity," the company indicated in a statement on Thursday.
The metal maker found “considerable discrepancies” in its inventories, which gives them reason to believe they have “been the target of further criminal activity.”
The company is predicting that these losses "might be in the low, three-digit-million-euro range."
Aurubis also believes the losses will stop it from reaching its 2022/23 fiscal-year profit forecast.
This comes after the company reported illegal activity in June, when the copper maker reported that German prosecutors and police were "investigating the suspicion of a joint theft of intermediate products containing precious metals that are produced in the Aurubis production process.“
The prosecutors issued arrest warrants for more than $21 million.
Aurubis said that both internal and external investigations have been started on the matter.
- European Copper Producer Puts Price on Its Heist: $200 Million
- Lead Exposure in Youth Linked to Criminal Activities as Adult: Study
- Family Discovers 1 Million Copper Pennies While Cleaning Out House
- Merrill Lynch and Parent Bank of America Fined $12 Million by Regulators for Ignoring Criminally-Suspicious Activity
- Six Missing in Chinese Operated Tibet Copper Mine
- The Best Tap Water in America? 20% of New Yorkers May Be Drinking From Lead Pipes
Following reports of the theft, company shares were down 6% on the German stock exchange.
- Spectrum Cable Launches Its Own Roku Killer With New All-in-One Streaming DeviceBusiness
- Musk Disses The Wall Street Journal Over a Report on His Drug UseBusiness
- Police Detain Executive at China Evergrande’s EV UnitBusiness
- Truck-Stop Battle Between Warren Buffett and Family of Cleveland Browns Owner SettledBusiness
- What Caused the Alaska Air Mid-Flight Blowout? Here’s What We Know So FarBusiness
- iPhone Owners Find $92 ‘Batterygate’ Payments in Their Bank AccountsBusiness
- Major US Bank Earnings Expected to Shrink as Unpaid Loans Weigh: ReportBusiness
- Tiger Woods Announces End of Partnership With NikeSports
- Israel Is Increasingly Cut Off as War Plays Out in the Red SeaBusiness
- France Denies Dumping Cheap Brandy on ChinaBusiness
- Oil Market Slides After Saudi Aramco Cuts Price of Its Benchmark CrudeBusiness
- Invitation Homes Buys 264 Las Vegas-Area Homes From Starwood at OnceBusiness
