Swiss engineering group ABB (ABB, -0.65%) on Wednesday said it fell victim to a “sophisticated criminal scheme” at its South Korean subsidiary, with the chief suspect an executive responsible for ethics training.
The executive, named by a source in South Korea as Oh Myeong-se, was treasurer and one of two integrity ombudsmen for ABB Korea—to whom staff were supposed to report any ethical concerns – according to an online company magazine available on ABB’s Korean website.
