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Fidelity Claim – Unauthorized transfers at a Listed Company

MDD was hired to investigate and quantify the losses on a fidelity claim.  The claim was based on an allegation of unauthorized transfers of company funds from subsidiaries and an associate of a listed company with its main businesses in real estate development, hospitality and real estate financial services.   Three employees had colluded to pay various known and unknown suppliers by forging the signatures of authorized signatories.

Our role involved reviewing primary financial documentation to support that the claimed unauthorized transactions had in fact taken place and tracing the flow of funds from the Insured’s bank accounts to that of various supplier accounts.  We were also able to identify that certain banking protocol had not been followed by the company’s bank, which allowed Insurers to successfully pursue the company’s bank for recovery.

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