SAAF Holdings Co.,Ltd. [1447.T]
TOKYO, Apr 20 (Pulse News Wire) – Saaf Holdings CO.,LTD. (1447.T) received an interim report from its independent investigation committee regarding allegations of misappropriation of company assets by former executives.
According to the report, former President Masatoshi Maeda and others engaged in private use of expenses totaling ¥79,466,000 and ¥81,896,000, respectively, along with unauthorized vehicle usage. Additionally, internal governance issues were highlighted, including inappropriate scope setting for internal investigations and lack of independence in investigative processes. The company stated it takes the findings seriously and will immediately work on implementing preventive measures.
It plans to finalize comprehensive reforms based on the final report expected later, aiming to strengthen corporate governance and compliance standards. SAAF Holdings apologized for causing inconvenience and concern to stakeholders. In related developments, the investigation revealed that Maeda had repaid a personal loan to the company in December 2024 using funds borrowed from Zb, the former CEO of acquired subsidiary Yusin.
However, the investigation concluded there was no evidence of improper diversion of acquisition funds back to Maeda personally, thus ruling out suspicions of embezzlement or breach of duty.
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