Fujikura ex-executive gets prison in US subsidiary case

Fujikura (TSE: 5803) announced that its former U.S. subsidiary CEO and former Fujikura board member has been sentenced in U.S. federal court to 41 months in prison, followed by three years of supervised release, and fined $34,000, in connection with improper real estate acquisitions and misuse of company assets. The case stemmed from an internal report in March 2023 that led to an investigation revealing the executive's misconduct. Fujikura cooperated with U.S. authorities during the investigation. The company said it has since strengthened its governance structure at the subsidiary, including dispersing authority, clarifying roles, and enhancing internal controls to prevent future incidents. Fujikura expressed its apologies to shareholders and stakeholders for the concern caused.