Criminal charges brought by Munich Re due to suspected fraud
2011/07/29
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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.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.