Tokyo, Jan. 28 (Jiji Press)–Japanese electronic device maker Nidec Corp. submitted a report on its alleged accounting irregularities to the Tokyo Stock Exchange on Wednesday, admitting that its corporate culture prioritizing the intentions of its founder, Shigenobu Nagamori, had weakened its internal controls. “We deeply apologize for causing great inconvenience,” Nidec President Mitsuya Kishida said at a press conference in Tokyo on the day. “We will rebuild our value of doing things properly and without fail as an effective system and strive to regain trust.” Kishida said that the company did not interview Nagamori in drawing up the report, but that Nagamori, who stepped aside to the non-representing post of honorary chairman in December, will not be exempt from any punishment for the matter. Last October, the TSE placed Nidec on special alert, requiring the company to improve its internal controls. A third-party committee is currently investigating the matter and will submit a report at the end of February. END [Copyright The Jiji Press, Ltd.]
Nidec Admits Prioritizing Founder Nagamori’s Intensions
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