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General

Teleste books EUR 7 mln Q1 cost for suspected fraud against foreign subsidiary

Wednesday 6 March 2019 | 14:18 CET | News

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Finnish company Teleste expects to book a non-recurring cost of about EUR 7 million for the first quarter for a suspected case of fraud against one of its foreign subsidiaries. It said police are investing possible identity theft and other potentially illegal actions to induce a foreign unit to make some EUR 7 million in unwarranted payments to third parties. Teleste is looking at the terms of its insurance cover concerning compensation, adding that there should be no affect on its operating profit or solvency.

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Categories: General
Companies: Teleste
Countries: Finland
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