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Uex (9888) · RiskMaterialised

Fraudulent receipt and repayment of trade insurance benefits

First written in FY2024. 1 of 1 entries say "Materialised", first in FY2024. Latest entry: FY2024.

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Improper receipt of trade insurance proceeds and repayment lossesA theme 1 companies write about · 1 as a headwind · 0 as a tailwind

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  1. FY2024MaterialisedAnnual report

    「As a result, the company had fraudulently received ¥16.979 million in insurance benefits beyond the amount to which it was entitled.」

    Regarding steel product export transactions with Korean companies from 2019 to 2020, it was discovered that trade insurance benefits had been overpaid based on applications containing inaccurate information. On 30 April 2024, the company repaid a total of ¥186.351 million, comprising the full amount of benefits received plus late-payment damages, and recorded an allowance for doubtful accounts of ¥169.786 million and non-operating expenses of ¥16.146 million for the fiscal year ended March 2024.
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Fraudulent receipt and repayment of trade insurance benefits | UEX,LTD. (9888) | Komori