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Sharp's governance questioned after fraud probe at subsidiary

Scandal hits Foxconn bid to produce Kantatsu smartphone camera lenses

The committee stressed the Sharp's subsidiary Kantatsu had "repeated inexcusable and fraudulent accounting practices without any careful consideration."  (Photo by Tomoki Mera)

OSAKA -- Inadequate governance at Sharp was revealed in connection with improper accounting practices by its subsidiary Kantatsu, according to a committee formed by the Osaka-based electronics maker to investigate fraud at the subsidiary.

Hon Hai Precision Industry, Sharp's Taiwanese parent, hopes to generate synergy between its contract production of smartphones and Kantatsu's business of manufacturing smartphone camera lenses. But Hon Hai -- better known as Foxconn -- now has to deal with Sharp's Inadequate subsidiary management that was exposed by the fraud.

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