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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Dentsu Group Inc.    4324   JP3551520004

DENTSU GROUP INC.

(4324)
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Dentsu : Three arrested in Japan on suspicion of coronavirus relief fraud

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08/26/2020 | 10:38am EDT

Three men were arrested in Japan on Wednesday on suspicion of making fraudulent applications for government funds for businesses hit by the coronavirus in a scheme that may have cost taxpayers up to 400 million yen ($3.77 million), NHK reported.

The suspects received the money from a government programme to distribute more than $20 billion in aid, which was contracted to a not-for-profit group linked to advertising giant Dentsu Group Inc, police told Reuters.

The three, who all live in central Japan's Aichi prefecture, were arrested on suspicion of falsifying documents showing that their income had fallen since the beginning of the pandemic to get 1 million yen ($9,418) each in government aid.

The arrests follow a string of scandals involving government payouts for businesses struggling during the pandemic.

NHK identified the three and said that two of them denied the charge. Reuters was not able to contact them and it was not clear if they had lawyers.

Police confirmed that three people had been arrested on suspicion of fraud but did not identify them or give more details.

NHK said the three were also suspected of involving about 400 other people in falsifying applications to get government subsidies, and taking a cut of the 400 million yen that was handed out.

The program was subcontracted from the government to a non-profit organisation called Service Design, which was co-founded by Dentsu, one of Japan's most influential companies.

Dentsu said in July that in response to public reaction over its dealings with the government in the small business programme, it was conducting a review of its involvement in such projects.

(Reporting by Sakura Murakami; Editing by Robert Birsel)


Stocks mentioned in the article
ChangeLast1st jan.
AICHI CORPORATION -1.33% 893 End-of-day quote.19.71%
DENTSU GROUP INC. 2.75% 3180 End-of-day quote.-15.76%
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Financials
Sales 2020 950 B 9 071 M 9 071 M
Net income 2020 39 205 M 374 M 374 M
Net Debt 2020 145 B 1 382 M 1 382 M
P/E ratio 2020 23,7x
Yield 2020 2,84%
Capitalization 895 B 8 538 M 8 542 M
EV / Sales 2020 1,09x
EV / Sales 2021 1,08x
Nbr of Employees 66 400
Free-Float 74,2%
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Mean consensus HOLD
Number of Analysts 11
Average target price 3 222,73 JPY
Last Close Price 3 180,00 JPY
Spread / Highest target 38,4%
Spread / Average Target 1,34%
Spread / Lowest Target -30,8%
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Managers
NameTitle
Toshihiro Yamamoto President & Representative Director
Yushin Soga Chief Financial Officer & Director
Timothy Paul Andree Director & Executive Vice President
Toshiaki Hasegawa Independent Outside Director
Kentaro Koga Independent Outside Director
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