NYK investigates embezzlement case in Chinese car carrier unit

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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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