NYK investigates embezzlement case in Chinese car carrier unit

Japanese owner Nippon Yusen Kaisha (NYK) has announced that it has discovered that former management personnel in its Shanghai-based affiliate NYK Car Carrier (China) may have been involved in illegal embezzlement activities.

NYK has established an investigation committee to look into the case and it estimated that the matter could lead to loss of JPY2bn ($18.7m). The company said it would reveal further details when available.

In the meantime, NYK is considering applying for an extension to the deadline to file its third quarter earnings due to the impact the matter may have.

Seperately, Reuters is reporting NYK is one of a host of lines facing sizeable fines from EU antitrust regulators over rigging bids for car shipments.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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