Alan Van Praag, J.D.
Not Ship Shape: Tanker Company Officers Embezzle Unhindered
Three bodies of auditors -- from the state, the corporation, and Arthur Andersen -- were unable to discover that high-ranking officials in a Middle Eastern oil tanker company had embezzled $100 million in 10 years. This article reviews the embezzlement case involving Kuwait Oil Tanker Company and how CFEs can assess what went wrong and determine red flags, and methods of prevention and detection in this high-dollar loss case.
Written By: Alan Van Praag, J.D., Mark Aspinall
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