Japan's NYK could be forced to pay out nearly $50 million in penalties after concealing taxable income over a seven-year period, Lloyd's List reports.
The Tokyo Regional Taxation Bureau found that Japan's largest shipowner failed to declare about 4.5 billion yen ($37 million) in taxable income, including an amount undeclared due to accounting errors. The report suggests that NYK could be ordered to pay penalties of up to 1.5 billion yen ($12.3 million) over and above the money owed.