Nidec to Seek Damages from Founder, Execs over Accounting Fraud
Kyoto, Oct. 17 (Jiji Press)--Nidec Corp. has said it is considering legal measures, such as seeking damages, against former and current executives including its founder, Shigenobu Nagamori, in connection with accounting irregularities that came to light last year. The Japanese motor manufacturer said Friday it had concluded that the executives violated laws and regulations in the course of t...
Nidec Corp., a Japanese motor manufacturer, is reportedly considering legal measures against former and current executives, including its founder Shigenobu Nagamori, for accounting irregularities that were discovered last year. The company announced on Friday that it had concluded the executives had violated laws and regulations in the performance of their duties.
This decision was based on an investigation report submitted by a committee on Friday, which will disclose details as early as Tuesday. The individuals under potential legal scrutiny include Hiroyuki Yoshimoto, Jun Seki, Hiroshi Kobe, Mitsuya Kishida, incumbent executive Kazuya Murakami, and others. These individuals were all promoted to Nidec's president positions following Nagamori's resignation from his role in 2018.
The committee responsible for the investigation consists of outside lawyers and certified public accountants and was established in March.
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