Corporate Ethics and Legal ComplianceViolations Reported in Fiscal 2016
Number of major violations of laws or ordinances
Reporting scope: Toray Group
Fiscal 2016 target:
On June 6, 2016, it was discovered that tire cord manufacturer Toray Hybrid Cord, Inc. had improperly received subsidies from a public institution. An application was made for subsidies by falsely claiming that the expenses were for hiring a consultant to establish a new manufacturing facility outside Japan. The company discovered the impropriety through its own internal investigation and returned the illegally received subsidies, which amounted to approximately two million yen. The Toray Group is taking steps to prevent similar incidents from occurring again and is reinforcing its compliance.