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Munich Re Launches Fraud Charges

Posted on 01 Aug 2011

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More than 10 million euros ($14.3 million) has gone missing from the accounts of German reinsurer Munich Re, possibly due to fraud by some of its employees, the company reported Friday.

Reviews of payments showed inconsistencies that led back to one consultant, several former employees and one unknown party, the company said.

However, the investigation showed that the alleged theft had not directly affected clients.

The company said suspicion is centering upon an outside consultant based in southern Europe who allegedly falsified expenses and manipulated bills to enrich himself.

A Munich Re spokeswoman on Friday noted that the missing funds were discovered after an internal investigation and were reported by the company itself.