PARIS (Reuters) – The mining and metallurgical group Eramet announced on Tuesday that it had identified a financial fraud in its cash management at the group’s headquarters, and immediately carried out the necessary investigations to put an end to it.
The financial impact of this fraud is estimated for the moment at 45 million euros before insurance and the implementation of legal actions, specifies Eramet in a press release.
This impact will be recognized in the group’s operating income for 2021, he adds.
On the Paris Bourse, Eramet shares fell 0.28% to 70.15 euros at 9.44 am in a generally bullish market.
“This is not good news, for sure! That said, it seems that the risk is contained and the financial impact is manageable,” commented an analyst on condition of anonymity.
Eramet intends to file a complaint with the criminal authorities and indicates that it has taken “disciplinary measures with immediate effect against identified personnel”.
In addition to already existing controls, Eramet will examine any additional measure to further strengthen its internal control system, continues the group.
(Matthieu Protard, Tangi Salaün and Blandine Hénault, with the contribution of Piotr Lipinski, edited by Matthieu Protard)
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