Konecranes' subsidiary loses $19.1 million in fraud

Finland-based Konecranes P.L.C. said that one of its overseas units has become the victim of a fraud, World Maritime News reports.

The culprits managed to prompt the subsidiary to make unwarranted payments worth up to €17.2 million ($19.1 million) through identity theft and other fraudulent actions.

The port automation solutions provider has a crime insurance coverage for the whole group and the sum insured is €10 million ($11.1 million).

The company has reported the crime to the police authorities in the relevant nations.

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