Japanese home builder Daiwa House Industry Co said it suspects 1.42 billion yuan ($211 million) may have been embezzled by three employees at its joint venture company in China.
The suspected embezzlement at the housing development firm, Dalian Dahezhongsheng Estate Co, by two executives and an accounting staffer surfaced after a different employee reported on March 12 that the amount of the company’s money in the bank and that logged in its books did not match, Daiwa House said.
The three employees could not be reached, and the joint company in the northeastern port city of Dalien is preparing to file a criminal complaint, Daiwa House said. The two executives sent from a joint venture partner in Dalien and the accounting staff are related, according to Daiwa House.
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