TOKYO (TR) – Toray Industries, Inc. has announced the dismissal of an employee for embezzling more than 200 million yen, reports NHK (April 28).
On Tuesday, the fiber maker dismissed the employee, who was in charge of sales in Osaka City. The company is in the process of lodging a criminal complaint with police.
According to the company, the employee repeatedly collected the difference between artificially inflated prices charged to business partners and actual prices. He is believed to have embezzled 250 million yen.
“I used [the funds] for entertainment expenses,” the employee told the company.
After the National Tax Agency pointed out irregularities within the books of the company, an internal investigation revealed the embezzlement.
The company also apologized for the matter. “Through enhanced compliance, we will strive to meet the expectations of society and re-establish trust,” a statement from the company read.