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JGC, a general engineering company involved in various plant projects such as energy facilities, submitted an interim report on settlement payments related to overseas projects it had received to the Director-General of the Finance Bureau in charge on January 31. The report stated that the company expected to post an extraordinary loss of 20,152 million yen in its third quarter profit and loss statement for the fiscal year ending March 2011.
Financial statements for the third remove background image quarter ending March 2011 that included extraordinary expenses
Enlarge photo
Financial statements for the third quarter ending March 2011 that included extraordinary expenses
The company, in collaboration with American, French and Italian companies, received an order for an LNG (liquefied natural gas) plant project in Nigeria, but was under investigation by French judicial authorities, the US Department of Justice and the US Securities and Exchange Commission after allegations of bribery of Nigerian government officials were uncovered.
In fact, in the third quarter financial report released on February 10, the company recorded 2.322 billion yen, which is the amount of the settlement already reached with the Nigerian government, as an extraordinary loss under the title "settlement costs." In addition, in order to seek a settlement with the US Department of Justice, the company recorded 17.83 billion yen in the liabilities section of the balance sheet as a "reserve for settlement costs," while recording the same amount as an "accrual to reserve for settlement costs" under an extraordinary loss.
Financial statements for the third remove background image quarter ending March 2011 that included extraordinary expenses
Enlarge photo
Financial statements for the third quarter ending March 2011 that included extraordinary expenses
The company, in collaboration with American, French and Italian companies, received an order for an LNG (liquefied natural gas) plant project in Nigeria, but was under investigation by French judicial authorities, the US Department of Justice and the US Securities and Exchange Commission after allegations of bribery of Nigerian government officials were uncovered.
In fact, in the third quarter financial report released on February 10, the company recorded 2.322 billion yen, which is the amount of the settlement already reached with the Nigerian government, as an extraordinary loss under the title "settlement costs." In addition, in order to seek a settlement with the US Department of Justice, the company recorded 17.83 billion yen in the liabilities section of the balance sheet as a "reserve for settlement costs," while recording the same amount as an "accrual to reserve for settlement costs" under an extraordinary loss.