TOKYO, May 29 (Pulse News Wire) – Forside CO.,LTD. (2330.T) announced today that it has established a special investigation committee to address suspected inappropriate transactions involving its subsidiary, Emu Corporation's freight transportation business.
The issue was first disclosed on May 13, suggesting some transactions lacked underlying sales activities. The committee, chaired by renowned lawyer Tsutomu Saijo, former Chief Prosecutor of the Tokyo High Prosecutors Office, includes certified public accountant Junichi Moritai and independent outside director Shiro Tajiri, who serves as a permanent audit committee member at Forside.
Their tasks include investigating the factual circumstances, assessing potential similar incidents, evaluating impacts on consolidated financial statements, analyzing causes, and devising preventive measures. In response to the findings, Forside stated it would fully cooperate with the investigation and promptly advance the process.
Upon receiving the report, the company plans to disclose results swiftly and take necessary actions accordingly.
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