Japan's Nidec Flags Potential $1.6 Billion Writedown as Accounting Scandal Widens
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4 Articles
[Yomiuri Shimbun] On the 3rd, Nidek, a major motor manufacturer, released the report of an investigation by a third-party committee into accounting fraud. The report said that the background to the fraud was excessive pressure on the company's founder, Shigenobu Nagamori (81), to achieve performance targets, and stated that "Nagamori is the one who should bear the most responsibility.
Japan's Nidec flags potential $1.6 billion writedown as accounting scandal widens
TOKYO, March 3 : Japanese electric motor maker Nidec warned on Tuesday that it could face 250 billion yen ($1.6 billion) in writedowns from a deepening accounting scandal that sparked the exit of its founder and other top executives.The company, one of the world's top makers of precision motors and a supplier
On the 3rd, Nidek, a major motor manufacturer, released the report of an investigation by a third-party committee into its accounting fraud issue. The committee determined that "numerous accounting irregularities were discovered." With regard to the involvement of management, the committee pointed out that "it must be said that (founder) Nagamori Shigenobu is the one who should bear the most responsibility."
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