Heraeus Allocates Provisions as Probe Finds Systematic Metal Test Manipulation

German precious metals refiner Heraeus has booked €170 million in provisions for 2025 after an independent investigation revealed it systematically understated precious metal concentrations for roughly 450 global customers from 2015 to late 2025. Conducted by law firm CMS Hasche Sigle, the probe found the company lowered test results, typically by under 1 percent, to reduce cash or refined metal paid to clients. The new reserve brings total legal provisions to €300 million, while public prosecutors investigate 16 current and former employees, including former chief executive Jan Rinnert, for fraud and embezzlement.