What's going on at IATA? $18M missing?

[ExXB]

I stumbled across this article at Air Transport World (http://atwonline.com/airline-finance-data/news/bisignani-announces-2011-retirement-outlines-industrys-future-0607).

The article itself isn't that interesting but I thought some of the comments a little amusing (Mr. Bisignani doesn't appear to be well liked from within).

But halfway down the comments there is one about IATA losing $18M and an unexplained death of an employee.

I know a couple of people that used to work in their Montreal office, and they don't have any information on this.

Anyone out there in PPRuNe land heard anything?

[Anansis]

It was reported in the FT a few days ago.

FT.com / UK - Airlines in uproar over fraud and death riddle (http://www.ft.com/cms/s/0/2d6c9256-71cb-11df-8eec-00144feabdc0.html) (requires free registration in order to be read).

To paraphrase (for copyright reasons), a number of airlines are considering legal action against the IATA after it said that they must foot the bill for a $15million fraud orchestrated against it. The fraud seems to be the result of one IATA employee in Thailand who was found dead shortly after an investigation was launched. Thai airways was one of the worst affected with over $5million worth of losses.

The two main issues which are raised by the article are:
(1) Why did it take five years to uncover the fraud?
(2) Although it is a relatively small amount of money, the airlines are concerned that this sets a precedent which makes them legally responsible for losses incurred by a third party over which they have no control.

Anansis

[ExXB]

Appreciate that link - don't know why my googling didn't find it!

Sloppy of them to lose $15M.

[radeng]

Only $15million? They are very poor at it, compared to the European Commission, who can lose $15billion in fraud and dubious accounting.

[Capetonian]

And not a Nigerian to be seen! They wouldn't have messed around with a paltry $15m.