ID :
57361
Fri, 04/24/2009 - 21:26
Auther :
Shortlink :
https://oananews.org//node/57361
The shortlink copeid
Mitsui reports 52 billion yen in fake deals with Indonesia firm
+
TOKYO, April 24 Kyodo -
(ADDING INFO IN 4TH-9TH GRAFS)
Mitsui & Co. said Friday its in-house probe turned up fictitious transactions
worth 51.8 billion yen in connection with exports to an Indonesian corporate
group.
Three employees at the Japanese trading house's performance chemicals business
unit are under investigation on suspicion they were involved in the
irregularities over five years through March.
The fake deals were limited to less than 0.1 percent of Mitsui's total sales on
an annual basis so past earnings do not have to be corrected, the company said.
In April 2004, the chemicals business unit began to buy goods from Indonesian
and other Southeast Asian subsidiaries of the corporate group for supply to the
group, according to Mitsui which did not disclose the name of the group or
other details. The goods were made by a Japanese company and supplied to the
subsidiaries.
Mitsui would make payments to the suppliers 15 days after the shipment of the
goods and receive payments from the Indonesia corporate group 180 days after.
The arrangement effectively allowed the group as a whole to borrow money from
Mitsui for 165 days.
The unit set a credit line for the corporate group. In around January 2005, the
amount of the transactions began to increase, prompting the three employees to
expand transactions above the credit line by using the name of 15 separate
companies.
As delays in the collection of receivables from the Indonesian corporate group
began to occur around April last year, Mitsui discontinued the transactions in
August 2008.
A subsequent in-house investigation found faked documents for the transactions,
Mitsui said, adding that that it has started negotiations with the Indonesian
group to collect overdue credits totaling 5.6 billion yen.
The three employees -- a section chief in his 50s and male and female officials
in their 30s -- initiated the fake transactions in a bid to expand business in
the growing Asian market, Mitsui quoted them as saying. No confirmation has
been made as to whether the three received kickbacks.
==Kyodo
2009-04-24 22:53:14
TOKYO, April 24 Kyodo -
(ADDING INFO IN 4TH-9TH GRAFS)
Mitsui & Co. said Friday its in-house probe turned up fictitious transactions
worth 51.8 billion yen in connection with exports to an Indonesian corporate
group.
Three employees at the Japanese trading house's performance chemicals business
unit are under investigation on suspicion they were involved in the
irregularities over five years through March.
The fake deals were limited to less than 0.1 percent of Mitsui's total sales on
an annual basis so past earnings do not have to be corrected, the company said.
In April 2004, the chemicals business unit began to buy goods from Indonesian
and other Southeast Asian subsidiaries of the corporate group for supply to the
group, according to Mitsui which did not disclose the name of the group or
other details. The goods were made by a Japanese company and supplied to the
subsidiaries.
Mitsui would make payments to the suppliers 15 days after the shipment of the
goods and receive payments from the Indonesia corporate group 180 days after.
The arrangement effectively allowed the group as a whole to borrow money from
Mitsui for 165 days.
The unit set a credit line for the corporate group. In around January 2005, the
amount of the transactions began to increase, prompting the three employees to
expand transactions above the credit line by using the name of 15 separate
companies.
As delays in the collection of receivables from the Indonesian corporate group
began to occur around April last year, Mitsui discontinued the transactions in
August 2008.
A subsequent in-house investigation found faked documents for the transactions,
Mitsui said, adding that that it has started negotiations with the Indonesian
group to collect overdue credits totaling 5.6 billion yen.
The three employees -- a section chief in his 50s and male and female officials
in their 30s -- initiated the fake transactions in a bid to expand business in
the growing Asian market, Mitsui quoted them as saying. No confirmation has
been made as to whether the three received kickbacks.
==Kyodo
2009-04-24 22:53:14
