Nichirei corrects details in China subsidiary misconduct case

Nichirei Corporation (TSE:2871) today issued a correction to its earlier disclosure regarding misconduct at its Chinese subsidiary. The company clarified details related to the actions of a former employee, referred to as "X," who engaged in several unauthorized activities. These included supporting the construction of a competing frozen food factory, establishing a rival company (X Co.) using Nichirei resources, and entering into disadvantageous agreements on behalf of the subsidiary without authorization. The correction clarifies that X was appointed Chairman of the Board of B2 Co., while still holding the position of Chairman and General Manager at Nichirei's subsidiary. This amends the original statement which incorrectly stated X had resigned from the Nichirei subsidiary. The corrected statement does not alter the overall scope or financial impact previously disclosed.