NYK Investigating Embezzlement by Ex-Managers at Chinese Unit

NYK car carrier
The investigation will focus on ex-managers at Shanghai-based  NYK Car Carrier (China) Co. File Photo: Pholly / Shutterstock.com

Reuters

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)

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