A former executive in charge of accounting at loss-making panel-maker Japan Display Inc. embezzled some ¥578 million ($5.3 million) over a four-year period from 2014, and was dismissed last December, the company said Thursday.
The Apple Inc. supplier filed a criminal complaint against the former executive with the Metropolitan Police Department in August this year after the alleged embezzlement came to light after a tip from an employee in October last year. The former executive said he'd used the money for gambling, the firm said.
Between July 2014 and October 2018, the former executive transferred company funds to an account at another company as expenses for fictitious deals and exchanged revenue stamps, which were purportedly obtained for contract papers, for cash, Japan Display said.