One of the more leading supply partners for Apple over the years has been Japan Display Inc. It’s a company that isn’t a stranger to money issues, but one of its former executives took it to the extreme.
According to Reuters:
Japan Display Inc. has formally abandoned an accounting executive at the company for embezzling $5.25 million over four years. The misappropriate scheme has apparently gone on since the company went public back in 2014.
According to JDI:
JDI says that at this point the company is cooperating with the local law imposition. Not only this but it has registered a criminal complaint against the former employee. The report states that the former executive embezzled 578 million yen ($5.3 million) between July 2014 and until October 2018.
Employee defrauded the company of about 578 million yen ($5.3 million) between July 2014 and October 2018 by arranging for payments to be made to a fake company.
This revelation comes as the company is muddling to secure a bailout deal with Apple and other investors.
The liquid crystal display maker for smartphones has been losing money for the past five years. Japan Display is described as a cash-strapped company. It has recently reported its 11th consecutive quarterly net loss, courtesy of slow display sales and costs related to restructuring at the company. JDI is hoping to get a cash bailout from Apple in the near future, as the company tries to raise upwards of 50 billion yen to keep operations moving forward.
The unnamed executive was apparently arranging payments from JDI to a separate, fake company over the years.
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