Japan Display Padded Earnings over 6 Years

Economy

Tokyo, April 13 (Jiji Press)--Japan Display Inc. <6740> said Monday that the company padded its operating profit by a total of 8.2 billion yen over some six years from fiscal 2013, when it was listed on the first section of the Tokyo Stock Exchange.

The struggling maker of small and midsize liquid crystal display panels also inflated its net profit by 6.2 billion yen in the same period.

"I deeply apologize for causing much trouble," JDI President Minoru Kikuoka told an online news conference. A third-party panel investigated the improper accounting, which came to light in autumn last year.

The panel, headed by lawyer Shiro Kuniya, recognized that JDI had booked some 10 billion yen in fictitious inventories.

A large part of the accounting irregularities was led by then head of the accounting and administrative division, while part of the misconduct was done under the instructions mainly by then chief financial officer, it said.

[Copyright The Jiji Press, Ltd.]

Jiji Press