NYK Looking into Embezzlement Case in Chinese Car Carrier Unit

Japanese shipping major Nippon Yusen Kabushiki Kaisha (NYK) revealed that it has discovered a potential embezzlement case in one its subsidiaries based in Shanghai, China.

Namely, the company said that there is a possibility that former locally-hired management personnel in NYK Car Carrier (China) Co., which is engaged in the finished-car logistics business, had committed unlawful expenditure.

The case is being investigated by a purposely established committee as of February 5, 2018.

“It is currently estimated that the overall influence of this matter to the final loss and profit of the consolidated financial results of the company will be approximately a loss of JPY 2 billion (USD 18.6 million),” the company said.

NYK added that it would announce more details once the influence of this matter to the consolidated financial results for the fiscal year 2017 and highlights for the nine months ended December 31, 2017, is determined.

The company has received approval from the stock exchange to push its quarterly securities report until March 23, 2018 due to the ongoing investigation.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Petrochemical Supply Chain & Logistics Conference & Exhibition

The Petrochemical Supply Chain & Logistics Conference & Exhibition (15 – 16th November, Houston) is positioned at the forefront of the booming Petrochemical industry in North America.

This industry leading event is regarded as the most significant meeting place for supply chain & logistics professionals, where they meet to do business.

More Info

read more >

DREDGING FOR SUSTAINABLE INFRASTRUCTURE

The two-day-long programme offers six highly interactive sessions with contributions from…

read more >