A US subsidiary of AkzoNobel based in Chicago has been been defrauded of up to €53 million, the Dutch chemical producer said, without providing details.

The company said it had taken immediate action to stop the fraud when detected and that it might be able to reduce the financial impact. An independent legal counsel assisted by an independent audit firm has been assigned to investigate the matter, it added.

AkzoNobel said the fraud appeared to be an isolated incident not linked to its operational activities. The company did not indicate whether any of its own employees were involved.