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NYK China car carrier unit could be hit with $19m fraud

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Major Japanese line NYK has revealed a possible JPY2bn ($18.7m) embezzlement case at its Shanghai car logistics subsidiary NYK Car Carrier (China).

The company said in a press release that it “has discovered that there is a possibility that former locally-hired management personnel…. had committed unlawful expenditure or embezzlement”.  

The company added that it has established an investigation committee to investigate the matter and apologised.

“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 JPY2bn in loss,” NYK said, adding that it would reveal further details when available.

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