Honda Motor Co. said Tuesday five executives at subsidiary Honda Trading Corp., including its president, Motohide Sudo, have resigned to take the blame for a spate of irregular seafood transactions.
A seafood section chief helped prop up seafood sellers by purchasing products at more than their market prices starting in January 2004, according to Honda.
Honda incurred some ¥14.4 billion in losses through the deals, but it won't file a criminal complaint or seek compensation because the section chief did not pocket the money.
The section chief, together with two other employees, have been dismissed.
Nine board members of the subsidiary, and Honda Motor board member Yoichi Hojo, will voluntarily give up part of their pay, according to the automaker.
Honda Trading will soon pull out of seafood operations, it added.