News in Brief

Glory Investigation into Employee Fraud

Glory held off announcing its financial results for the first nine months of the 2021/22 financial years, following the discovery of a major theft from the company amounting to ¥2.15 billion ($17.5 million) by one employee over a period spanning 13 years.

The employee in question, from a domestic subsidiary, had embezzled the money from 2009 onwards. The fraud first came to light in February, and an internal investigation was launched, which has now concluded and been published, with recommendations to prevent similar fraud happening in the future.

Glory has also restated its half year results, and subsequently published its third quarter results, which show sales up by 8.7% to ¥158.7 billion and net income up by 123% to ¥6.68 billion. For the full year, the company is forecasting sales of ¥225 billion.