NYK reports possible $18.6m embezzlement

The Japanese shipping company revealed Tuesday that employees at its car carrier unit subsidiary in China may have “committed unlawful expenditure or embezzlement.”    NYK said former employees in China may have embezzled or “committed unlawful expenditure” at a cost of 2 billion yen (U.S. $18.6 million) to the company.
   On Tuesday, the Japanese shipping company said “there is a possibility that former, locally-hired management personnel in NYK Car Carrier (China) Co., Ltd., our consolidated subsidiary located in Shanghai, China, which is engaged in finished-car logistics business in China, had committed unlawful expenditure or embezzlement.”
   NYK launched an investigation into the possible theft in February and said it will promptly outline its effect on financial results in the current and past fiscal years as details are identified.