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February 16, 2011

JAPAN: Fishy deals lead to Honda resignations

Honda's little fishy story has ended with the resignations of five executives at a non-auto subsidiary.

Honda’s little fishy story has ended with the resignations of five executives at a non-auto subsidiary.

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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.

Honda Trading will pull out of seafood operations shortly, it added.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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