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FINWIRES

Valqua Flags Fund Misuse by Former Employee

-- Seal products manufacturer Valqua (TYO:7995) said a former employee misappropriated about 224 million yen over more than a decade by falsifying accounting records, according to a Wednesday filing on the Tokyo Stock Exchange.

The misconduct was uncovered during an internal review, with the company confirming no involvement from other staff or subsidiaries. Valqua said it has dismissed the individual and plans to pursue civil and criminal action.

The company said the incident will not require restating past financial results and does not affect its current earnings outlook.

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