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AkzoNobel Subject to External Fraud Targeted at Chicago Office

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

AkzoNobel announced that it has been subject to an external fraud targeted at one of its subsidiaries located in Chicago, Illinois.

The company stated that the fraud involves an amount of up to €53 million. When detected immediate action was taken by AkzoNobel and every effort is being made to recover the money. The company may be able to reduce the ultimate financial impact, it noted in a statement.

Independent legal counsel assisted by an independent audit firm has been assigned to investigate the matter.

At this moment, AkzoNobel believes this is an isolated incident that is not linked in any way to the operational activities of the company and its businesses.

Appropriate law enforcement authorities have been contacted and at this stage the company is not able to comment further.

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