German Precious Metals Refiner Heraeus Hit With Fraud Probe

German prosecutors are investigating suspected embezzlement and fraud at precious metals refiner and industrial conglomerate Heraeus Holding GmbH, for which the company set aside nearly €458 million ($537 million) to cover potential risks.

The Frankfurt prosecutors’ office said it’s conducting an investigation into 16 suspects, after suspicions emerged that unlawful removals of customer-delivered material may have taken place at the company’s precious metals recycling business.