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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 considering filing an application for an extension to the filing deadline ...
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