Ex-JDI Exec Embezzled 578 M. Yen
Newsfrom JapanSociety Economy
Tokyo, Nov. 21 (Jiji Press)--Japan Display Inc. <6740>, or JDI, said Thursday a former financial executive embezzled some 578 million yen between July 2014 and October 2018.
The liquid crystal display panel maker dismissed him in December last year and filed a criminal complaint against him.
The incident has exposed sloppy internal control at JDI, which remains unable to rehabilitate itself despite repeated financial support from a Japanese government-backed investment fund.
The former executive repeatedly placed fictitious orders with a company without substance and made JDI spend money mainly as commission fees.
He also converted revenue stamps he procured fraudulently into money. His misconduct came to light following a whistle-blowing report.
[Copyright The Jiji Press, Ltd.]