• Kyodo

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Itochu Corp. said Wednesday that a former employee embezzled about ¥700 million while working at its New Zealand affiliate from 2012 till this year.

The trading house dismissed the man, said to be in his 30s, and plans to file a criminal complaint with police, it added.

The accountant allegedly fabricated invoices to receive money from the company’s bank account and then used it to fund foreign exchange transactions.

After losing most of the money, he reported his activities to the company in February prior to an internal audit.

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