German companies hit with 6 bln eur/year damage due to financial crimes - study |
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Tue, 16 Oct 2007 07:11
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FRANKFURT (Thomson Financial) - Financial crimes cost German companies 6 bln eur a year, Frankfurter Allgemeine Zeitung reported, citing a study by PriceWaterhouseCoopers and German university Martin Luther Universitaet Halle-Wittenberg.Some 49 pct of polled German companies has been subject to financial crimes in the past two years, the newspaper said.'The number one burden is from embezzlement,' the newspaper cited PWC partner Steffen Salvenmoser as saying, with some 33 pct of companies having reported such incidents.Product privacy affected 18 pct of polled companies.The study also showed that larger companies are subject to financial crimes more often than smaller ones due to the increased anonymity among employees.The study involved 5,428 companies, of which 1,166 were located in Germany.maria.sheahan@thomson.commas/lamCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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German companies lose 20 bln eur annually from industrial espionage - ministry 