Sanyo Trading Investigates Suspected $3.9mn Fraud at US Subsidiary
A former finance chief at Sanyo Trading's US subsidiary, Sanyo Corporation of America, is suspected of diverting about $3.9 million (roughly ¥609mn) between June and September, caught only when staff matched bank records against the books, and the parent has now empanelled outside lawyers while the hit to earnings and any recovery remain undetermined.