1. Siemens probe brings to fore purchase order fraud

Siemens probe brings to fore purchase order fraud

In a BSE filing today, Siemens said the fraud has an estimated impact of about Rs 19 crore prior to March 31, 2011, before which the irregularities took place.

By: | New Delhi | Published: May 11, 2017 5:51 PM
Engineering and technology firm Siemens today disclosed that an internal probe has unearthed a fraud that was perpetrated on the company over several years through fake purchase orders by certain employees.(Reuters)

Engineering and technology firm Siemens today disclosed that an internal probe has unearthed a fraud that was perpetrated on the company over several years through fake purchase orders by certain employees. However, the company sees no bearing of this on its bottom line for the quarter and six months ended March 2017 or the year to September 2016. In a BSE filing today, Siemens said the fraud has an estimated impact of about Rs 19 crore prior to March 31, 2011, before which the irregularities took place.

“Internal investigation of the company has revealed that as a result of collusion among certain employees through the use of fake purchase orders and related documentation and failure of some other employees to adequately discharge their responsibilities under the internal financial control procedure laid down by the company, a fraud spread over several years prior to March 31, 2011, has been perpetrated on the company,” Siemens Ltd said in the filing.

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It further said, “Appropriate disciplinary action has been taken against the employees concerned and such further action in the matter as may be considered necessary is under consideration of the board.”

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