Posted on February 14, 2018 by Ashleigh Cowie

Nippon Yusen KK (NYK) have launched an investigation in to former employers for embezzlement and unlawful expenditures.

An investigation committee has been set up to look in to the workings of former managers at a Chinese subsidiary.

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.

Nippon Yusen Kabushiki Kaisha is one of the oldest and largest shipping companies in the world. It is a member of the Mitsubishi Keiretsu. They have a headquarters in Chiyoda, Tokya, Japan, and a fleet of around 800 ships. Their sleet include container ships, tankers, bulk and woodchip carriers, as well as reefer vessels, LNG carriers and cruise ships.

NYK is also one in a host of lines facing sizeable fines from EU antitrust regulators over rigging bigs for car shipments. For more on this story see here:

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