Tokyo, Oct. 28 (Jiji Press)–The Tokyo Stock Exchange has designated Japanese electronic device maker Nidec Corp. as a “security on special alert,” effective Tuesday. The move, announced on Monday, came after suspected accounting irregularities surfaced at Nidec subsidiaries in Italy and China. In late September, an audit firm said it will not release its audit opinion on Nidec’s securities report due to the lack of sufficient and appropriate audit evidence. The TSE said that improvements mainly to Nidec’s internal management system are “highly necessary.” Companies designated as securities on special alert are required to report on the improvement status of their internal management systems after a year. If the TSE deems such efforts as not enough, companies may face the risk of being delisted. Following the TSE announcement, major Japanese newspaper publisher Nikkei Inc. said that Nidec will be removed from the list of issues making up Japan’s benchmark Nikkei 225 stock average on Nov. 5, with electronics company Ibiden Co. set to take its place. END [Copyright The Jiji Press, Ltd.]
Nidec Put on Special Alert by TSE
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