February 13, 2018 / 11:45 PM / 6 months ago

Nippon Yusen suspects embezzlement by ex-managers at China unit

TOKYO (Reuters) - Japanese shipping company Nippon Yusen KK said it had set up an investigation committee after finding that former managers at a Chinese subsidiary may have committed embezzlement or made unlawful expenditures.

Nippon Yusen said in a statement late on Tuesday it estimated a 2 billion yen ($18.6 million) charge related to the conduct at the Shanghai-based unit, which is engaged in the finished-car logistics business.

The company said it was considering applying for an extension of a Feb. 14 deadline to file its third-quarter earnings.

Source text: bit.ly/2F2P6nk

Reporting by Chris Gallagher; Editing by Paul Tait

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