17k AT&T workers strike | Durex India leaks customer data | Two PetroSaudi executives convicted for $1.8 billion scam
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17k AT&T workers strike | Durex India leaks customer data | Two PetroSaudi executives convicted for $1.8 billion scam

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发布日期: 2024年8月29日
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In today’s Portfolio Intelligence Daily:?

  • 17,000 AT&T workers are on strike for a fair contract
  • Durex India accidentally leaks customers' personal data
  • Swiss court convicts two PetroSaudi executives for $1.8 billion scam

Our analyst team curates these summaries from Auquan’s Intelligence Engine, which uses generative AI and retrieval augmented generation (RAG) to uncover material non-financial insights at scale to support deal sourcing, due diligence, risk monitoring, and compliance.

Industry trends:

17,000 AT&T workers are on strike for a fair contract

More than 17,000 AT&T workers across nine states in the Southeast region of the United States have gone on strike, accusing the company of unfair labor practices during contract negotiations this summer

  • The striking employees, represented by the Communications Workers of America (CWA) union, include technicians, customer service representatives, and others who install, maintain, and support AT&T's residential and business wireline telecommunications network.

  • The strike began on August 16, 2024, with workers walking off the job in response to AT&T's failure to bargain in good faith during contract negotiations that have been ongoing since June. The workers' contract expired on August 3rd.?

  • The CWA has filed unfair labor practice charges against AT&T, alleging that the company is legally obligated under the National Labor Relations Act to negotiate in good faith but has failed to do so.?

  • AT&T has refuted the union's claims, stating that the CWA's allegations of unfair labor practices are "not grounded in fact" and that the company has been engaged in substantive bargaining since the beginning.

  • As of August 28, 2024, the CWA and AT&T have entered federal mediation in an attempt to resolve the ongoing strike. The union confirmed that the first meeting with a federal mediator took place on Wednesday morning.?

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Durex India leaks customer's personal data

Durex India has faced a significant security breach, resulting in the accidental exposure of sensitive customer information. The security flaw was identified by cybersecurity researcher Sourajeet Majumder, on August 28, who alerted TechCrunch about the leak.

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  • The breach revealed personal information of customers, including full names, email addresses, phone numbers, shipping addresses, and order details. Hundreds of customers may have been affected due to this lapse in security.?

  • The security flaw was traced back to inadequate authentication measures on Durex India's order confirmation page. This oversight allowed unauthorized access to sensitive data, making it publicly accessible online.

  • Durex's parent company, Reckitt, has not provided a comment regarding the breach or any plans to enhance data security. The lack of transparency raises concerns about the company's commitment to protecting customer information.

  • Security researcher Sourajeet Majumder has alerted India's Computer Emergency Response Team (CERT-In) about the breach, emphasizing the broader implications of such data leaks for affected individuals.

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Swiss court convicts two PetroSaudi executives for $1.8 billion scam

A Swiss court has convicted two executives from PetroSaudi for their involvement in a massive embezzlement scheme that defrauded Malaysia's 1MDB sovereign wealth fund of $1.8 billion.

  • Tarek Obaid, the CEO of PetroSaudi, received a seven-year prison sentence, while his associate Patrick Mahony was sentenced to six years. They were found guilty of fraud and aggravated money laundering.?
  • The executives were involved in a fraudulent partnership with 1MDB, falsely claiming support from the Saudi government. They misappropriated funds through a joint venture, siphoning off $1 billion initially and an additional $830 million later.??
  • The embezzled money was used for extravagant purchases, including luxury properties in London and Switzerland, jewelry, and private jets, reflecting their lavish lifestyles.?
  • This case is part of a broader investigation into the 1MDB scandal, which has led to criminal inquiries across several countries, with estimates suggesting that around $4.5 billion was misappropriated from the fund since its establishment in 2009.

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