AGL 38.09 Decreased By ▼ -0.07 (-0.18%)
AIRLINK 136.34 Increased By ▲ 2.15 (1.6%)
BOP 9.20 Increased By ▲ 0.35 (3.95%)
CNERGY 4.72 Increased By ▲ 0.03 (0.64%)
DCL 8.85 Increased By ▲ 0.18 (2.08%)
DFML 38.34 Decreased By ▼ -1.44 (-3.62%)
DGKC 85.45 Increased By ▲ 0.30 (0.35%)
FCCL 35.15 Increased By ▲ 0.25 (0.72%)
FFBL 76.21 Increased By ▲ 0.61 (0.81%)
FFL 12.66 Decreased By ▼ -0.08 (-0.63%)
HUBC 108.70 Decreased By ▼ -0.75 (-0.69%)
HUMNL 14.73 Increased By ▲ 0.63 (4.47%)
KEL 5.58 Increased By ▲ 0.18 (3.33%)
KOSM 7.96 Increased By ▲ 0.21 (2.71%)
MLCF 40.78 Decreased By ▼ -0.59 (-1.43%)
NBP 70.94 Increased By ▲ 1.24 (1.78%)
OGDC 195.25 Increased By ▲ 1.63 (0.84%)
PAEL 26.96 Increased By ▲ 0.75 (2.86%)
PIBTL 7.46 Increased By ▲ 0.04 (0.54%)
PPL 168.02 Increased By ▲ 4.17 (2.55%)
PRL 26.19 Decreased By ▼ -0.17 (-0.64%)
PTC 20.34 Increased By ▲ 0.87 (4.47%)
SEARL 92.75 Increased By ▲ 8.35 (9.89%)
TELE 7.84 Decreased By ▼ -0.15 (-1.88%)
TOMCL 35.49 Increased By ▲ 1.44 (4.23%)
TPLP 8.91 Increased By ▲ 0.19 (2.18%)
TREET 17.29 Increased By ▲ 0.11 (0.64%)
TRG 59.27 Decreased By ▼ -1.73 (-2.84%)
UNITY 31.02 Increased By ▲ 2.06 (7.11%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 10,901 Increased By 125.5 (1.16%)
BR30 32,654 Increased By 420 (1.3%)
KSE100 101,357 Increased By 1274.6 (1.27%)
KSE30 31,488 Increased By 295 (0.95%)

Japan's NEC Corp admitted on May 29 that some of its employees had engaged in bogus deals worth 2.2 billion yen (18 million dollars) and received kickbacks from subcontractors.
The discovery was made by the Tokyo Regional Taxation Bureau, which determined that the electronics giant had paid insufficient taxes as a result of the faked orders to subcontractors, NEC said in a statement.
Ten employees of the group are accused of padding orders and obtaining some 500 million yen in kickbacks over seven years which they used as a slush fund for wining and dining, it added.
NEC said it would consider filing criminal charges and a compensation claim against the employees. "The company is taking punitive measures against those found in an internal probe to be involved in the illegal deals," the statement said.
"It is regrettable that such illegal deals occurred when companies are required to further strengthen legal compliance and strictly control employees," it added.
It is the second high-profile case of fraudulent activities in just over a year at NEC, which last March said a manager at its engineering subsidiary inflated sales by 36.3 billion yen over several years for personal gain.
The electronics maker said its earnings would not be affected by the discovery. Investors shrugged off the announcement, with the price of NEC shares closing up four yen or 0.64 percent at 625 yen.
NEC said last week that it returned to black in the past year and forecast net profit will more than triple this year as its IT business recovers and the company benefits from restructuring.

Copyright Agence France-Presse, 2007

Comments

Comments are closed.