Japanese giant shipping company Nippon Yusen Kaisha (NYK) is investigating an alleged embezzlement case involving executives at as Chinese subsidiary that is to set run up to JPY 2bn ($18m) in losses.
NYK has set up an internal investigation through its compliance team into unusual expenses and what it describes as possible business related embezzlement involving local executives at subsidiary company NYK Car Carrier China.
In a statement NYK apologized to shareholders and investors for the concern caused by the incident.
It said at this stage it expected losses to amount to JPY 2bn but and it was working to assess the final impact on for the fiscal year ending March 2018.
NYK recently reported a very strong third quarter which has pushed its profit for the first nine months of the financial year to JPY 16.8bn ($154m).
