Aurubis Moves to Terminate CEO's Contract After Copper Scam [BNN Bloomberg (Canada)]
AURUBIS AG UNSP/ADR (AIAGY)
NASDAQ:AMEX Investor Relations:
aurubis.com/en/investor-relations/overview
Company Research
Source: BNN Bloomberg
The company's supervisory board is in advanced talks with Chief Executive Officer Roland Harings, Chief Financial Officer Rainer Verhoeven and Chief Operating Officer Heiko Arnold about ending their contracts, the company said on Monday. It may also appoint Markus Kramer from the supervisory board to the executive board, it said. The move follows Aurubis's decision to carry out an independent legal probe into a criminal scam that cost the copper producer about €169 million ($184 million) last year. The company warned in December that it may make executive changes once the review was concluded. The supervisory board will meet to discuss and resolve its plans on Tuesday, Aurubis said. Aurubis's shares fell 4.2% in Frankfurt trading. Aurubis sent shockwaves through the European copper industry in August when it said it had been hit by a sophisticated scam perpetrated by suppliers and complicit employees. The fraud — which involved valuable scrap raw materials — followed on from a
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