Molex Retains Counsel to Investigate Unauthorized Activities in Japan

Molex Inc. announced that it has learned that an individual working in Molex Japan’s finance group obtained unauthorized loans from third party lenders in Molex Japan’s name which the company believes to be in the range of $175 million and to have been used to trade on margin in unauthorized accounts in Molex Japan’s name. Molex also believes that the individual has misappropriated cash from Molex Japan which resulted in a loss in the range of $15 million. The individual has admitted to forging documentation in arranging the transactions. The company has retained outside legal counsel, and they are retaining forensic accountants, to investigate the matter and the extent of its liability, if any, for the unauthorized loans.