Austrian firm fires CEO after $56-million cyber scam
Austrian aircraft parts maker FACC said Wednesday that it has fired its chief executive of 17 years after cyber criminals stole some 50 million euros ($55.7 million) in a so-called "fake president" scam.
FACC, whose customers include Airbus, Boeing and Rolls-Royce, said that the its supervisory board sacked Walter Stephan with immediate effect after he "severely violated his duties".
Press reports said that in January a FACC employee wired around 50 million euros, equivalent to almost 10 percent of annual revenues, after receiving emailed instructions from someone posing as Stephan.
By the time the firm, which began life making skis before expanding into aeronautics, realised the mistake, it was too late. The money had disappeared in Slovakia and Asia, the Standard daily reported.
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