Nidec to seek damages from founder and executives over accounting fraud
The motor manufacturer said it had concluded that the executives violated laws and regulations in the course of their duties.
Nidec, a Japanese motor manufacturer, is considering legal action against former and current executives, including founder Shigenobu Nagamori, due to accounting irregularities uncovered last year. The company announced on Friday that it has concluded these executives violated laws and regulations in the performance of their duties.
This decision was made following an investigation report submitted by a committee that had been set up last March. The report, to be released as early as Tuesday, will detail the legal responsibilities of the executives, who include Hiroyuki Yoshimoto, Jun Seki, Hiroshi Kobe, Mitsuya Kishida, incumbent executive Kazuya Murakami, and others who became Nidec presidents after Nagamori stepped down in 2018.
Additionally, a shareholder derivative lawsuit has been filed against Nagamori and another individual, seeking ¥28.7 billion in damages. Many shareholders have also demanded that Nidec sue current and former executives for damages.
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