News Release
Discovery of European subsidiary being subject of fraud
Kariya (JAPAN) -September 6, 2019- Toyota Boshoku Corporation (TOKYO:3116) announce a recent case involving fraudulent payment directions from a malicious third party that has resulted in a financial loss at our European subsidiary.
Together with the European subsidiary, we became aware that the directions were fraudulent shortly after the leakage. Recognizing the high possibility of criminal activity, we promptly established a team comprising legal professionals, then reported the loss to local investigating authorities. While cooperating in all aspects of the investigation, we are devoting our utmost efforts to procedures for securing/recovering the leaked funds.
We will promptly disclose any amendments to the released March 2020 earnings forecast if this incident makes such revision necessary.
[Outline]
Expected financial loss: Approximately 4 billion yen maximum (as of 5 September)
Incident date: 14 August
To ensure the confidentiality of the investigation, we are unable to provide further details at this time. We ask for your understanding.
Contact:
TEL: +81-566-26-0301
External Affairs & Public Relations Div.
Toyota Boshoku Corporation
Available time: 8:30-17:30 Japan Time
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Toyota Boshoku Corporation published this content on 06 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2019 08:31:10 UTC