Konecranes receives US$11m insurance indemnity for fraud

 Finnish manufacturer Konecranes has announced that it received an insurance indemnity of €10m (US$11.3m) following a fraud which cost the company €17m (US$19.3m) in 2015.

The insurance indemnity received by the company for the fraud, of which one of Konecranes’ foreign subsidiaries had been a victim, is equal to the maximum sum insured, leading to an effective loss of about €7m (US$8m) for the manufacturer.

According to a company statement, in 2015 the fraud’s perpetrators induced the subsidiary to make unwarranted payments for a total amount of up to €17m (US$19.3m) through identity theft and other fraudulent actions.