HIS Subsidiary Number One Travel Shibuya Falsely Receives Employment Adjustment Subsidy, Returns Approximately 130 Million Yen

H.I.S (HIS) announced that it has received a notice for the cancellation and refund of the employment adjustment subsidy received by its consolidated subsidiary, deemed fraudulent by the Tokyo Labor Bureau.

Number One Travel Shibuya, suspected of fraudulently receiving employment adjustment subsidies between March 2020 and March 2023, was under investigation by the Tokyo Labor Bureau. As a result of the investigation, it was determined that false application documents were created, claiming to be on leave on days they were actually working, and fraudulently receiving the subsidies.

The amount fraudulently received was 109,709,914 yen, and including penalties, they will return 131,651,896 yen. Additionally, a delinquent charge of 3% annually from the date of receipt to the date of return will apply.

President RANJAN KUMAR DASDEB resigned following a recommendation from HIS as of December 26, 2024. Furthermore, Mr. RANJAN will reduce his monthly remuneration by 50% for one month, and one director will reduce it for five months.

Although the impact on consolidated financial results is considered minor, a special investigation committee’s probe into the group is ongoing, with results to be announced upon receipt of the investigation report. The timing for the announcement of financial results for the period ending October 2024 is currently undecided.

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