Money yet to be recovered in $16M Atlas Copco fraud

Atlas Copco says it hopes to recover at least some of the money it alleges was stolen by two executives at its Sudbury operation.

The company says more than $16 million was lost through a scheme to over-bill for the employee healthcare plan.

But while Atlas Copco a well-known name in Sudbury's mining sector that has operations around the world wants the alleged missing money back, the case wont affect the companys bottom line.

"Today our revenues around the world are roughly $12-$14 billion US," said Hakan Osvald, a senior vice president with the head office in Stockholm.

"Everything is relative."

The company alleges over-billing for health care expenses started back in 1999. Osvald said suspicions were reported to Sudbury police several years ago. The Royal Canadian Mounted Police were later brought in to help investigate.

This week, arrests were made in the case. Osvald said civil proceedings are also underway in an attempt to recover some of the funds.

But, so far, no money has been recovered.

"That has been as fast moving as the police in Sudbury," Osvald said.

"The short answer to that is no. Nothing [has been recovered]."

Dirk Plate, 68, and Paul Caron, 66, were arrested in Montreal this week in connection with the case and were transported back to Sudbury to face charges.

An arrest warrant for a third man has been issued.

The arrests are an important step for the company that is anxious to have its allegations proven in court.

"Why it has taken [such a] long time, I don't know, Osvald said.

"It's a complex matter. It's a lot of information. It's a lot of emails back and forth and whatever. But we were a bit surprised that it has taken until now."