September 01, 2016

"Leoni AG, Europe's biggest manufacturer of wires and electrical cables and the fourth-largest vendor in the world, has announced it lost €40 million ($44.6 million) following an online scam that tricked one of its financial officers into transferring funds to the wrong bank account."

softpedia: The incident took place on Friday, August 12, and the company announced it publicly on August 16, when its shares dropped between 5 and 7 percent in the stock market following the news. By Catalin Cimpanu

'Back in August, Leoni officials were scarce in details, only saying they launched an investigation into the matter, also reassuring investors that the company's liquidity situation had not been affected by the sudden disappearance of €40 million from its bank accounts.

'According to unconfirmed information, the money stolen from Leoni's Bistrita branch ended up in bank accounts in the Czech Republic.'

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