South Korea Company Pays $21Mn to Fake Aramco

After making a $21-million wire payment to a fraudulent company account claiming to be that of Saudi Aramco, South Korea’s largest petrochemical company, LG Chem, is now seeking a full investigation and state assistance to recover its loss.
The $21-million payment was destined for Saudi Aramco, which is LG Chem’s supplier in Saudi Arabia of naphtha, the refined oil product used to make plastics and other petrochemical items. The payment was for supplies received in the second half of March.
“We have requested an investigation by prosecutors,” said Song Choong-seop, a spokesman for LG Chem.
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