{
  "id": 15832477,
  "title": "Nidec scandal erases nearly $1 billion from founder Nagamori’s wealth",
  "url": "https://urgent.news/2026/10/21/nidec-scandal-erases-nearly-1-billion-from-founder-nagamoris-wealth",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-10-21T01:51:00.000Z",
  "source": {
    "name": "Japan Times",
    "slug": "japan-times",
    "url": "https://www.japantimes.co.jp/business/2026/10/21/companies/nidec-founder-shigenobu-nagamori-wealth/"
  },
  "original_language": "en",
  "account": "Nidec, a Japanese motor manufacturer, has seen a significant decline in the value of founder Shigenobu Nagamori's wealth due to a deepening accounting scandal. Nagamori's fortune has dropped to approximately $3.3 billion, with Nidec shares accounting for nearly half of that amount. The company's stock has plummeted to its lowest level in a decade and is down 38% since late September, as investor concerns grow over the company's ability to overcome the scandal.\n\nNidec disclosed a ¥565 billion ($3.6 billion) net loss for the year ended March after recording a ¥632 billion impairment, leading to the sudden departure of CEO Mitsuya Kishida. The fallout from the scandal continues into October, with an investigatory committee holding Nagamori and other executives liable for damages related to years of widespread fraud. Nidec has considered taking legal action against those executives following the company's financial restatement. The precision-motor manufacturer has faced turmoil since accounting misconduct and quality control issues were discovered in subsidiaries in Italy, Switzerland, China, and its car inverter business. Nagamori, who founded Nidec in a Kyoto shed in 1973, has seen his wealth diminish as the company grapples with the crisis.",
  "summary": "The precision-motor manufacturer has been mired in turmoil ever since accounting misconduct and quality control issues were uncovered in 2025.",
  "key_points": [
    "Founder Nagamori’s wealth reduced to $3.3 billion",
    "Nidec shares down 38% since late September",
    "Accounting scandal and fraud lead to legal action"
  ],
  "editors_take": "The widespread accounting misconduct and subsequent financial losses signal a period of intense instability that threatens both the company's market valuation and the personal fortune of its founder.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}