ABB South Korea employee missing, $100M goes missing as well

Today, Power and robotics firm ABB announced that it has "uncovered a sophisticated criminal scheme" at its South Korean unit after noticing that huge sums had been stolen after the treasurer of the subsidiary disappeared about two weeks ago.

ABB said the treasurer, who has not been identified, is suspected of forging documents and working with individuals outside the company to steal the money.

The embezzlement and misappropriation of funds is limited to South Korea, where ABB employs about 800 staff. ABB spokesman Domenico Truncellito said, 'we're looking at every option. We are investigating externally and internally as well."