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Fraud at ABB trims profit as auditor says firm failed to maintain controls

ZURICH, March 13 ABB said on Monday suspected fraud in South Korea cut its 2016 net income by $64 million in a case that has prompted the Swiss electrical products maker's auditor to conclude the company failed to maintain effective internal controls.

Full-year net income was revised down to $1.89 billion, ABB said in its annual report, down from $1.96 billion reported in February. The pre-tax impact was $73 million, less than the roughly $100 million previously reported, due to insurance recoveries.

ABB has said a South Korean treasurer disappeared after engaging in a "sophisticated criminal scheme". Internal auditor Ernst & Young concluded "ABB Ltd has not maintained effective internal control over financial reporting as of December 31, 2016," according to the annual report. (Reporting by John Miller)

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