Honda’s little fishy story has ended with the resignations of five executives at a non-auto subsidiary.
The company said five executives at Honda Trading, including president Motohide Sudo, resigned to take the blame for a spate of irregular seafood transactions, Kyodo News reported.
The move came after a former seafood section chief purchased marine products from seafood sellers at higher prices than their market prices from January 2004 to support their management, according to Honda.
While incurring a loss of about JPY14.4bn through the deals, Honda will not file a criminal complaint or seek compensation for the damage as the former section chief did not pocket personal gains.
The former chief, together with two other employees, were dismissed, while nine other board members of the subsidiary and Honda Motor board member Yoichi Hojo will voluntarily give up part of their pay, the automaker said.
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By GlobalDataHonda Trading will pull out of seafood operations shortly, it added.
