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International Investigation in a Case of Suspected Management Fraud

Situation:

During an audit of a subsidiary, information came to light indicating the possibility that a member of the upper management may have been committing management fraud.

Our assignment:

We were instructed to investigate the suspicion that, to the detriment of our client, a shell company had either been paid for goods or services that had not been supplied or had been overpaid for goods or services.

Action taken:

We engaged our network to conduct background investigations in the Middle East into the company in question. This action was flanked by classic auditing carried out by us at the headquarters of another company in Germany.

Our background investigations were carried out by a locally based networker who was also a Certified Fraud Examiner. They included obtaining information about the company in the form of its certificate of registration, documentation detailing decisions reached by the Board and a copy of the annual accounts.

Customer and supplier checks were also carried out – with a view to determining the nature of their relationship with the company and the amount of business that had been done – and residents, former employees and other sources of information about the company were interviewed. We also arranged for a visual inspection of the company’s premises. In the end, personal involvement could be identified and evidenced. This information was all presented in our networker’s report.

Outcome:

The results of the audit in Germany and the results of the background research abroad were passed on to our client in the form of a number of memos and a detailed report. This information then became the basis for subsequent legal action taken by our client.