SAN FRANCISCO A Swiss prosecutor is conducting a criminal investigation of alleged fraudulent activity pertaining to certain ST Microelectronics currency transactions entered into by the company's former treasurer between 1998 and 2005, ST said Thursday (Nov. 30).
A prosecutor from Lugano, Switzerland, is conducting the investigation of transactions entered into by Piero Mosconi, who retired in 2005, ST said. These transactions were discontinued at the end of that year, according to ST (Geneva). The company said it filed a criminal complaint about the matter with the authorities in Lugano in September.
ST said it has concluded that the transactions do not have a material impact on the company or on its previously published financial statements. The company said it believes it has taken necessary measures to prevent similar actions from arising in the future through organizational changes in its treasury department.