Photo: REUTERS file
crime

Apple supplier Japan Display says exec embezzled ¥578 mil

15 Comments

Japan Display Inc said on Thursday it dismissed an accounting executive last year for embezzling about 578 million yen ($5.3 million) over four years since the Apple Inc supplier went public in 2014.

JDI said in a statement it had filed a criminal complaint against the former employee and that it was cooperating with police. The embezzlement was first reported by the Asahi newspaper on Thursday.

The employee had defrauded the company of the money between July 2014 and October 2018 by arranging for payments to be made to a fictitious company, JDI said.

The revelation comes as the cash-strapped company is scrambling to clinch a bailout deal with Apple and other investors, seeking to raise at least 50 billion yen.

The liquid crystal display (LCD) maker for smartphones has been losing money for the past five years and last week reported its 11th consecutive quarterly net loss on sluggish display sales and restructuring costs.

© (c) Copyright Thomson Reuters 2019.

©2019 GPlusMedia Inc.

15 Comments
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And why not "out" him like everyone else does when they find a screw up in their midst?

10 ( +10 / -0 )

And why isn't he in jail or even arrested?

10 ( +11 / -1 )

You guys all beat me to the punch. That's exactly what I was thinking

3 ( +3 / -0 )

Tip of the iceberg.... Japan is rife with embezzlement. Did you know that there is a law at Banks and Brokerage companies were people that handle money or securities have to, once a year, take a 2 week consecutive vacation. They passed this law in order to try to uncover embezzlement and other crimes. While said people are on vacation hopefully the person covering can figure out if a problem exists. And don't get yourself in the grips of the Yakuza.... especially if you work at a foreign firm that they can rip off. For the most part the Yakuza stay away from ripping off Japanese companies.... but foreign companies, they're open territory... to the point were the Police don't even investigate. I've seen it... this isn't speculation.

6 ( +7 / -1 )

Failure of the auditing committee . Time and Time again these events make me think the worthiness of these committees in corporations.

3 ( +3 / -0 )

I'm going to go out on a limb and say that the criminal was Japanese, and not a foreigner.

8 ( +8 / -0 )

The Japan brand is crumbling!

2 ( +3 / -1 )

I hope this is the bright side & wave that is coming out from the Ghosn case.

That others in Japan (Government or private) will start from now on seriously question everything in terms of mismanagement, corruption, transparency, injustice that is happening in their own "backyard".

Buckle up Nippon!

3 ( +3 / -0 )

Why do they not employ someone who audits the auditors' work? If the company were worth anything, Apple should sue.

2 ( +2 / -0 )

All the auditor results go to the head's of the company.... there they then edit the audit. You see... the auditor would not get the job unless it properly looks the other way. This is why Japan hates to have foreigners run their companies and its why mainly guys in the 50's, 60's and 70's hold positions of authority.... it takes that long before they can figure out who can be trusted to hide the companies dirty laundry.

4 ( +4 / -0 )

gogogoT:

And why isn't he in jail or even arrested?

He is not denying, saying he used the money for gambling. He will be in court. Unlike Ghosn, escaping abroad is not a plausible option for him.

-2 ( +1 / -3 )

@expat

Why do they not employ someone who audits the auditors' work?

"It's the oldest question of all, George. Who can spy on the spies?"

3 ( +3 / -0 )

At my company, our "external, independent auditor" is....the President's wife! What a great system of independent checks and balances Japanese businesses have...!

4 ( +4 / -0 )

How do you get sentenced without getting arrested first?

You don't, but of all posters I would have thought that you would understand what cs is trying to say. (convicted)

0 ( +0 / -0 )

The mind boggles

1 ( +1 / -0 )

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