Criminal charges brought by Munich Re due to suspected fraud
Munich. At the end of 2010, Munich Re discovered inconsistencies during a review of service provider fees. A detailed internal special audit confirmed the suspicion of fraud. As a result, Munich Re has filed criminal charges with the public prosecutors' office in Munich against a service provider, former employees and persons unknown.
Ongoing internal investigations indicate that an external service provider from southern Europe, who worked for a Munich Re department, received unjustifiable amounts of money by making false declarations and manipulating accounts. As far as Munich Re is aware at this stage, clients did not sustain any losses. It is believed that a loss in excess of €10m was incurred by Munich Re.
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