Casio Announces Misconduct of Former Employee of Overseas Subsidiary
February 20, 2020
Casio Computer Co., Ltd. announced today that the company had discovered misconduct on the part of a former employee of its overseas subsidiary Casio Europe GmbH (based in Norderstedt, Germany). Casio abjectly condones this incident and wholeheartedly apologizes for the great concern and inconvenience caused to all concerned.
- Summary of Misconduct
- Casio Response
Between 2004 and July 2019, a former Casio Europe GmbH employee falsified remittance data, disguising illegal transfers of money as legitimate payments that they then deposited into their personal bank account. An internal investigation by Casio found that the illegal transfers totaled approximately 700 million yen.
Upon discovering this, Casio immediately launched an internal investigation, which uncovered the general outline of the misconduct. As a result, Casio disciplined and terminated the former employee on September 13, 2019, filing a criminal complaint the same month.
Please note that the financial loss has already been accounted for as expenses in past fiscal years and does not impact Casio financial results for the current term.
Casio takes the fact that this misconduct occurred extremely seriously and will take every possible measure to prevent similar misconduct from recurring.