Molex Says Employee Got $175 Million In Unauthorized Loans In Co Name
09 April 2010 - 8:04PM
Dow Jones News
Molex Inc. (MOLX, MOLXA) said an individual in its finance group
in Japan got about $175 million of unauthorized loans in the
company's name from third-party lenders.
The person used the $175 million in loans to trade on margin in
unauthorized accounts in Molex Japan's name, Molex said. The person
also is believed to have misappropriated cash from Molex Japan that
resulted in a loss of about $15 million.
The electronics products manufacturer said the individual has
admitted to forging documentation in arranging the transactions,
and the company has hired legal counsel and is investigating the
matter.
Molex said in January that it swung to a fiscal second-quarter
profit as sales increased.
Shares of the company fell 3 cents to $21.41 in recent trading.
The stock has risen 35% in the past 12 months.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com
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