Key Event Details

  • A cyber-enabled banking fraud has affected one of the company's recently acquired overseas step-down subsidiaries.
  • Funds aggregating to approximately EUR 3.0 million (Euro three million) were fraudulently transferred to unauthorized third-party bank account(s).
  • The fraud was executed using advanced deep-fake methodologies including voice cloning, signature forging, and social engineering to impersonate Key Managerial Personnel (KMPs) and authorize the transfers.
  • The incident occurred just prior to the weekend of July 04-05, 2026 (inferred from disclosure date).

Immediate Actions and Recovery Efforts

  • The company took immediate action upon discovery of the matter and recovered EUR 0.45 million.
  • Through swift action and advice from relevant local authorities, additional funds were traced, and the respective banks have placed those accounts on hold.
  • The exact amount currently on hold is yet to be determined.
  • The company and subsidiary are taking all necessary legal and operational measures to safeguard their interests and recover transferred funds.
  • Recovery efforts are being actively pursued in coordination with:
  • Relevant law-enforcement authorities
  • Cybercrime authorities
  • Concerned banks
  • Other stakeholders

Insurance Coverage

  • The subsidiary is covered under a cyber and crime insurance policy.
  • The insurer has been notified of the incident.
  • The company is evaluating the extent of insurance coverage and recoverability.

Financial Impact Assessment

  • The net financial impact of the incident is presently being assessed and cannot be determined with certainty at this stage.

Operational Impact

  • Based on available information, there is no evidence of any compromise of:
  • Customer data
  • Employee data
  • Company's technology infrastructure
  • The company's business operations continue without any material disruption.
  • The company does not anticipate this incident requiring modification of annual or long-term goals.

Disclosure Timing

  • The disclosure was delayed due to the company's immediate priority to protect and safeguard funds through time-sensitive actions.
  • The delay also allowed time to ascertain material facts surrounding the incident.
  • The company seeks forbearance from the stock exchanges for this delay.