GungHo Online Entertainment has accused a former senior executive of embezzling approximately ¥346 million ($2.35 million) by creating fake work orders and outsourcing fraudulent payments. Following an internal investigation, they confirmed that the executive had misappropriated funds and engaged in cover-up efforts before being dismissed. The company is consulting with authorities about potential criminal charges while preparing for a shareholder meeting that may lead to the ousting of its CEO.
How can companies implement stronger internal controls and fraud detection measures to prevent such incidents in the future?
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