File Photo: Pholly / Shutterstock.com
TOKYO, Feb 14 (Reuters) – Japanese shipping company Nippon Yusen KK said it had set up an investigation committee after finding that former managers at a Chinese subsidiary may have committed embezzlement or made unlawful expenditures.
Nippon Yusen said in a statement late on Tuesday it estimated a 2 billion yen ($18.6 million) charge related to the conduct at the Shanghai-based unit, which is engaged in the finished-car logistics business.
The company said it was considering applying for an extension of a Feb. 14 deadline to file its third-quarter earnings.
($1 = 107.7600 yen) (Reporting by Chris Gallagher; Editing by Paul Tait)
(c) Copyright Thomson Reuters 2018.
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