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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Honda Trading will pull out of seafood operations shortly, it added.