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Daiwa House apologizes after suspected 1.42B-yuan embezzlement in Chinese JV

Keiichi Yoshii, president of Daiwa House Industry Co. Ltd., apologized and ensured it would tighten the group's governance system, following the suspected embezzlement of about 1.42 billion yuan in funds from a joint venture with Dalian Zhongsheng Group, The Nikkei Asian Review reported.

A Dalian Daiwa Zhongsheng Real Estate accounting staff discovered the potential theft after seeing discrepancies between the joint venture's actual deposits and the amount on its books. Following an investigation into the accounting mismatch, the company confirmed that multiple online withdrawals and fund transfers were carried out since 2015, according to the publication.

The Japanese property developer said it could lose approximately ¥11.7 billion if the missing amount is not recovered. It also established an independent committee to look into the matter with the hopes of preventing the incident from happening again, the March 14 report added.

Three people at Dalian Daiwa Zhongsheng, which sells condominiums in China, are now facing criminal charges due to potential involvement in the incident, according to the paper.

As of March 13, US$1 was equivalent to 6.71 yuan and ¥111.22.