Embezzlement: US$6m (Switzerland, Spain and France).

Multi-national Subsidiary

The managing director of a multi-national’s subsidiary in Geneva was obstructing its internal auditors and refusing to explain certain strange-looking transactions.

We were called in and without the directors’ knowledge discovered inventory allegedly with third parties did not exist. The client decided independently to confront the director by telephone and which point he immediately absconded.

In his absence, however, we uncovered a complex, collusive financial fraud involving the director and his accountant and the manipulation of inventory, banking and other accounting records, which the auditors had overlooked. We persuaded the director to return and hand himself in and the client made a complete financial recovery.

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