What you need to know
- Japan Display has fired an exective for embezzling millions of dollars.
- The company is a key part of Apple's supply chain.
- Apple has previously propped the company up during poor financial results.
Japan Display has fired one of its exectuives after it came to light that they were embezzling millions of dollars from the company. According to a Reuters report (via Cult of Mac) the executive managed to grab $5.3 million over the course of four years. Police are, understandably, now involved.
Japan Display has been in the news plenty in recent weeks. It's been trying to raise money after a proposed bailout fell through and Apple itself is said to have ploughed an additional $180 million into the company in order to keep it afloat.
This latest news is just another bloody nose for a company that has struggled to deal with the move from LCD to OLED panels across the technology industry. It's now trying to spin up OLED manufacturing of its own, but that takes time and, importantly, cash.
Apple currently uses Japan Display for the LCD panels that go into some of its iPhones, like iPhone 11 and iPhone XR. More business may come Japan Display's way if and when the company is able to get its OLED manufacturing plants operational. Surely having employes embezzle millions of dollars isn't going to help with that, though.