Ebara Corp., a maker of hydraulic pumps, said Friday one of its auditors claimed an investigation of a managing executive’s use of funds was insufficient and refused to approve its financial statements.
The auditor said he had “doubts” about the documents, the Tokyo-based company said in a release to the Tokyo Stock Exchange. The firm on Dec. 17 said its investigation concluded the executive made ¥320 million in improper payments between May 2004 and July 2006. Ebara said it continues to seek damages from the executive.
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