• Kyodo


Home builder Daiwa House Industry Co. said Wednesday it suspects 1.42 billion yuan ($211 million) may have been embezzled by three employees at its joint venture in China.

The suspected embezzlement at the housing development firm, Dalian Dahezhongsheng Estate Co., by two executives and an accounting staffer surfaced after a different employee reported Tuesday that the amount of the company’s funds in the bank and that logged in its books did not match, Daiwa House said.

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