LG Chem makes US$21 mln wire payment to a fraudulent company account claiming to be Saudi Aramco

09-May-16
LG Chem has made a US$21 mln wire payment to a fraudulent company account claiming to be that of Saudi Aramco. Now South Korea’s largest petrochemical company is now seeking a full investigation and state assistance to recover its loss, as per James Burgess of Oilprice.com. The US$21 mln payment was destined for Saudi Aramco, LG Chem’s supplier in Saudi Arabia of naphtha for supplies received in H2-March. "We have requested an investigation by prosecutors," said Song Choong-seop, a spokesman for LG Chem. According to LG Chem, it had received an email seemingly sent by Saudi Aramco Products Trading in which it was notified about a bank account change. The sender was aware of the amount of money which LG Chen owed its supplier and asked for the sum to be wired into the new account. But the South Korean company said it may also consider taking legal action against the Saudi supplier if it turns out the latter failed to protect its email accounts. Aramco declined to comment on this incident or on LG Chem’s possible legal steps against it, as per James Burgess of oilprice.com
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