BASEL, Jan 4 (GCTL) - Panalpina said today that the serious misconduct of a manager at Panalpina Airfreight Management Ltd, Basel has led to losses of some CHF 33 million (US$17.08 million), and as a consequence of this incident, group CEO Bruno Sidler has resigned and has left the company.
After the manipulated figures were discovered in mid-December, group auditors, PricewaterhouseCoopers carried out an investigation revealing the extent of the total loss and confirmation of the manipulation of booking records to be an isolated incident.
The company said in a statement that the negligent employee in question, who has been with the company for more than 20 years, deliberately and systematically circumvented internal control mechanisms and had managed to hide the incurred losses by manipulating the booking records over a period of 14 months. He has since been sacked.
For full story above, kindly subscribe as gctl8.com member for ONLY US$120 per year. You can enjoy :