Japan Display has been having a rough few years, from seeking government bailouts to requesting cash injections to keep up with the competition. And things aren’t getting better.
Last week, it was reported that Japan Display had fired an accounting executive at the company last year for a giant embezzlement scheme that saw the executive embezzling upwards of $5.3 million over the course of four years. Now, Japan Display has confirmed it will be reviewing past earnings in light of that former accounting executive informing the company he “was directed by former top management” to conduct accounting fraud.
Apple supplier Japan Display Inc said on Wednesday it would review its past earnings after a former accounting executive notified the company of a past accounting fraud which he said was directed by former top management.
In Japan Display’s statement, as reported by Reuters, the company will be making an announcement following an internal investigation, but there is no word on when that might be wrapped up. While all of this is going on, Japan Display is still seeking a bailout from not only Apple, but other potential investors as well.
As far as that bailout is concerned, which could be on rocky ground all things considered, Japan Display says the conversations are still ongoing. So the company isn’t completely lost just yet. However, the company just recently reported its 11th consecutive quarterly net loss. So, still not great.