Shipping line NYK faces a ¥2bn ($18.5m) financial hit after allegations that former managers were involved in illegal spending and embezzlement.
The Japanese carrier said today it had formed a committee to investigate the actions of “locally hired” management at Chinese subsidiary NYK Car Carrier.
The Shanghai-based subsidiary operates in the finished-car logistics business in China.
NYK said: “We deeply apologise for all the inconvenience caused to our shareholders, investors and all other stakeholders.
Launching the investigation, the carrier said it was …
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Source: The Loadstar