Red-faced officials at Japan’s Casio Computer Co, the company that makes watches that can communicate with your PC, has admitted to a $30m hole in its accounts after what it claims was an illegal transfer of funds. The company said a former company official responsible for finance forged documents and transferred the money to a third party outside the company. It forecast that the scam would lead to a loss of about $14.4m due to efforts to recover part of the money. US and Japanese legal authorities have been informed and Casio plans its own action against the former employee. An internal investigation is also under way to determine whether the firm’s risk management and audit systems were sufficient. They might well conclude that Casio should keep a closer watch on its money in future.
