NEC says employee faked millions in sales

An NEC employee falsified sales transactions over a three-year period, according to the company.

An NEC Engineering employee falsified sales over a three-year period that resulted in inflated sales of $36.3 billion yen, or about AUD$431 million, for parent company NEC, the company said.

The employee falsified sales documents and embezzled money from March of 2002 to December of 2005, according to a statement released by NEC.

Based on investigations so far, NEC believes only one employee was involved in the scandal.

The company said it would file criminal action against the employee, amend and restate its consolidated financial statements for past fiscal years in accordance with U.S. GAAP (generally accepted accounting practices) as well as implement new structure and policies to prevent future fraudulent actions.

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