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Konecranes receives £7.83 million insurance indemnity

Konecranes receives £7.83 million insurance indemnity

Konecranes receives £7.83 million insurance indemnity Finnish manufacturer Konecranes, which has an office in Warrington, Cheshire, has received an insurance indemnity of £7.83 million (€10 million) following a fraud case which cost the company £13.31 million (€17 million).

The manufacturer of cranes and lifting equipment announced in August 2015 one of its foreign subsidiaries had fallen victim to fraud. In a statement released at the time, it said the perpetrators had used identity theft and other methods to induce the subsidiary to make unwarranted payments totalling €17 million. The company hoped that this information may help other companies avoid becoming a victim of crime.

The €10 million indemnity Konecranes has now received is the maximum the company is insured for, although overall it has lost approximately €7 million through the ordeal. In 2015, Konecranes Group sales totalled EUR€2,126 million.

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