Suspected fraud at its South Korean subsidiary has led ABB to cut its 2016 net income by $64M, revising the full-year figure down to $1.89B. ABB "did not maintain effective internal controls over its financial reporting," according to a report from auditors Ernst & Young. The pre-tax impact was $73M, less than the roughly $100M previously reported, due to insurance recoveries.
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Fraud at ABB trims profit amid failure of internal oversight
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