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"directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-new-leadership" ], "kind": "directs" }, { "id": "r-12", "from": "e2", "to": "e1", "role": "Accounting auditor; September 2026 disclaimer", "period": "Report received 30 September 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "current", "claim_ids": [ "c-audit-disclaimer" ], "kind": "business" }, { "id": "r-13", "from": "e30", "to": "e1", "role": "Special-alert designation and listing-agreement penalty", "period": "October 2025 designation; April 2026 penalty", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "current", "claim_ids": [ "c-exchange-action" ], "kind": "legal" }, { "id": "r-14", "from": "e55", "to": "e56", "role": "Entrusted manufacture of certain large presses; intra-group operating arrangement", "period": "Arrangement examined for FY2018–FY2023", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ndtc-double-sales" ], "kind": "business" }, { "id": "r-15", "from": "e54", "to": "e55", "role": "Within NDTC operating group; report expressly says no capital ties to NDTC", "period": "April 2026 report of historical transactions", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ndtc-double-sales" ], "kind": "business" }, { "id": "r-16", "from": "e54", "to": "e56", "role": "Within NDTC operating group; report expressly says no capital ties to NDTC", "period": "April 2026 report of historical transactions", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ndtc-double-sales" ], "kind": "business" }, { "id": "r-17", "from": "e6003", "to": "e6002", "role": "Conditional factory grant; accounting recognition disputed by committee", "period": "Payments March and April 2022", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-country-x-grant" ], "kind": "business" }, { "id": "r-18", "from": "e1", "to": "e6002", "role": "Group subsidiary and factory investment; exact legal entity withheld in report", "period": "2022 project", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-country-x-grant" ], "kind": "business" }, { "id": "r-19", "from": "e71", "to": "e70", "role": "Parent company of Zhejiang operating subsidiary", "period": "Relationship described in February 2026 report", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-supplier-funds" ], "kind": "owns" }, { "id": "r-20", "from": "e6004", "to": "e9", "role": "Brazilian subsidiary within Global Appliance operating business", "period": "2021–2022 matters described in report", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-ga-rebates", "c-forensic-fees" ], "kind": "business" }, { "id": "r-21", "from": "e1", "to": "e69", "role": "Headquarters consolidation reversed subsidiary’s local grant-repayment provision", "period": "FY2022 closing", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-hungary-provision" ], "kind": "business" }, { "id": "r-22", "from": "e26", "to": "e67", "role": "Manufacturing subsidiary named in inventory investigation", "period": "June 2025 inventory position", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-okk-inventory" ], "kind": "owns" }, { "id": "r-23", "from": "e26", "to": "e68", "role": "US sales subsidiary named in inventory investigation", "period": "June 2025 inventory position", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-okk-inventory" ], "kind": "owns" }, { "id": "r-24", "from": "e73", "to": "e72", "role": "Parent company identified in investigation", "period": "May 2024 internal-audit context", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-nama-receivables" ], "kind": "owns" }, { "id": "r-25", "from": "e6005", "to": "e72", "role": "Contract manufacturing for US seller; distinct Mexican legal entity", "period": "Receivables investigation 2024–2025", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-nama-receivables" ], "kind": "business" }, { "id": "r-26", "from": "e19", "to": "e66", "role": "Absorbed Elesys in merger", "period": "1 April 2025", "status": "documented", "direction": "directed", "role_group": "legal", "temporal_status": "historical", "claim_ids": [ "c-inverter-losses" ], "kind": "legal" }, { "id": "r-27", "from": "e1", "to": "e19", "role": "Assumed inverter business following Mobility–Elesys merger", "period": "1 May 2025", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-inverter-losses" ], "kind": "business" }, { "id": "r-28", "from": "e1", "to": "e74", "role": "Acquired 86.14%, then completed full ownership", "period": "November 2023; February 2024", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "current", "claim_ids": [ "c-takisawa-gain" ], "kind": "owns" }, { "id": "r-29", "from": "e74", "to": "e75", "role": "Taiwan subsidiary owning land considered in acquisition accounting", "period": "FY2023 acquisition accounting", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-takisawa-gain" ], "kind": "owns" }, { "id": "r-30", "from": "e113", "to": "e23", "role": "Joint-venture participant alongside customer; percentage not asserted", "period": "Relationship described in February 2026 report", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-psa-settlement" ], "kind": "owns" }, { "id": "r-31", "from": "e6006", "to": "e1", "role": "Quality investigation committee; voluntary investigation", "period": "May–September 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-quality-count", "c-quality-limits" ], "kind": "other" }, { "id": "r-32", "from": "e1", "to": "e6007", "role": "SPMS business unit; exact legal entity in cited episode anonymised", "period": "Quality report, September 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-spms-quality" ], "kind": "business" }, { "id": "r-33", "from": "e1", "to": "e6008", "role": "AMEC Organic business unit; exact factory in cited episode anonymised", "period": "Quality report, September 2026", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-amec-rework" ], "kind": "business" }, { "id": "r-34", "from": "e27", "to": "e1", "role": "Registered shareholder: 8.61% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-35", "from": "e29", "to": "e1", "role": "Registered shareholder: 4.32% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-36", "from": "e28", "to": "e1", "role": "Registered shareholder: 3.52% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-37", "from": "e6010", "to": "e1", "role": "Registered custody/account entry: 3.93% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-38", "from": "e6011", "to": "e1", "role": "Registered client-account entry: 2.66% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-39", "from": "e6012", "to": "e1", "role": "Registered shareholder: 2.58% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-40", "from": "e6013", "to": "e1", "role": "Registered client-account entry: 2.57% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-41", "from": "e6014", "to": "e1", "role": "Registered shareholder: 2.29% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-42", "from": "e6015", "to": "e1", "role": "Registered shareholder entry: 1.95% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-43", "from": "e6016", "to": "e1", "role": "Registered shareholder entry: 1.74% excluding treasury shares", "period": "31 March 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-registered-holders" ], "kind": "owns" }, { "id": "r-44", "from": "e114", "to": "e1", "role": "Disclosed holding: 7.97%; asset-manager statutory position", "period": "9 September 2026 snapshot", "status": "documented", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-oasis-position", "c-oasis-proposals" ], "kind": "owns" }, { "id": "r-45", "from": "e27", "to": "e1", "role": "Former director and executive chairman; honorary role ended separately", "period": "Director ended 19 December 2025; chairman emeritus ended 26 February 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-founder-departures" ], "kind": "directs" }, { "id": "r-46", "from": "e57", "to": "e104", "role": "Reported representative director; commercial database quoting registry extract", "period": "Database extract described as obtained 2 October 2026", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-minoreas-reported" ], "kind": "directs" }, { "id": "r-47", "from": "e129", "to": "e104", "role": "Reported director; commercial database quoting registry extract", "period": "Database extract described as obtained 2 October 2026", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-minoreas-reported" ], "kind": "directs" }, { "id": "r-48", "from": "e27", "to": "e104", "role": "Reported founder of family investment venture; equity not established", "period": "October 2026 reporting", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-minoreas-reported" ], "kind": "other" }, { "id": "r-49", "from": "e129", "to": "e27", "role": "Reported second son", "period": "October 2026 reporting", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "unknown", "claim_ids": [ "c-minoreas-reported" ], "kind": "family" }, { "id": "r-50", "from": "e57", "to": "e1", "role": "Former executive vice-president; SPMS and group companies", "period": "Ended 3 March 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-march-departures" ], "kind": "directs" }, { "id": "r-51", "from": "e58", "to": "e1", "role": "Former senior executive officer and CFO", "period": "Ended 3 March 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-march-departures" ], "kind": "directs" }, { "id": "r-52", "from": "e59", "to": "e1", "role": "Former adviser and machinery business-unit head", "period": "Ended 3 March 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-march-departures" ], "kind": "directs" }, { "id": "r-53", "from": "e60", "to": "e1", "role": "Former senior executive officer; appliance and automotive division", "period": "Ended 23 March 2026; duties suspended 2 March", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-march-departures" ], "kind": "directs" }, { "id": "r-54", "from": "e45", "to": "e1", "role": "Former outside director", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-55", "from": "e48", "to": "e1", "role": "Former outside director", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-56", "from": "e46", "to": "e1", "role": "Former outside director", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-57", "from": "e78", "to": "e1", "role": "Former director and audit-and-supervisory committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-58", "from": "e47", "to": "e1", "role": "Former outside director and audit-and-supervisory committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-59", "from": "e82", "to": "e1", "role": "Former outside director and audit-and-supervisory committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-60", "from": "e83", "to": "e1", "role": "Former outside director and audit-and-supervisory committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-61", "from": "e35", "to": "e1", "role": "Outside director; full-time audit-and-supervisory committee member", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-62", "from": "e36", "to": "e1", "role": "Outside director", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-63", "from": "e37", "to": "e1", "role": "Outside director", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-64", "from": "e38", "to": "e1", "role": "Outside director and board chair", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-65", "from": "e39", "to": "e1", "role": "Outside director", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-66", "from": "e40", "to": "e1", "role": "Outside director", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-67", "from": "e41", "to": "e1", "role": "Outside director; audit-and-supervisory committee chair", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-68", "from": "e42", "to": "e1", "role": "Outside director; audit-and-supervisory committee member", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-69", "from": "e43", "to": "e1", "role": "Outside director; audit-and-supervisory committee member", "period": "From 18 June 2026; annual filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-70", "from": "e34", "to": "e1", "role": "Outside director; full-time audit-and-supervisory committee member", "period": "From 20 June 2025; September 2026 annual filing", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-71", "from": "e81", "to": "e1", "role": "Former director and audit-and-supervisory committee member", "period": "Ended 20 June 2025", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-board-turnover" ], "kind": "directs" }, { "id": "r-72", "from": "e44", "to": "e1", "role": "Former nomination committee member", "period": "Ended 26 March 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-73", "from": "e44", "to": "e1", "role": "Former compensation committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-74", "from": "e27", "to": "e1", "role": "Former compensation committee member", "period": "Ended 20 June 2025", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-75", "from": "e48", "to": "e1", "role": "Former nomination committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-76", "from": "e46", "to": "e1", "role": "Former nomination and compensation committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-77", "from": "e47", "to": "e1", "role": "Former nomination and compensation committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-78", "from": "e45", "to": "e1", "role": "Former compensation committee member", "period": "Ended 18 June 2026", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-79", "from": "e34", "to": "e1", "role": "Nomination and compensation committee member", "period": "From 20 June 2025; September 2026 filing", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "current", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-80", "from": "e40", "to": "e1", "role": "Nomination and compensation committee member", "period": "From 18 June 2026; September 2026 filing", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "current", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-81", "from": "e37", "to": "e1", "role": "Nomination and compensation committee member", "period": "From 18 June 2026; September 2026 filing", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "current", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-82", "from": "e38", "to": "e1", "role": "Nomination and compensation committee member", "period": "From 18 June 2026; September 2026 filing", "status": "documented", "direction": "directed", "role_group": "associations", "temporal_status": "current", "claim_ids": [ "c-committee-changes" ], "kind": "other" }, { "id": "r-83", "from": "e39", "to": "e1", "role": "Nomination and compensation committee member", "period": "From 18 June 2026; September 2026 filing", "status": "documented", "direction": 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"historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-291", "from": "e44", "to": "e20", "role": "Subsidiary board-chair appointment; historical filing", "period": "From September 2023; 2025 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-292", "from": "e44", "to": "e66", "role": "Subsidiary board-chair appointment; historical filing", "period": "From September 2023; 2025 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-293", "from": "e44", "to": "e19", "role": "Subsidiary board-chair appointment; historical filing", "period": "From October 2023; 2025 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-294", "from": "e49", "to": "e71", "role": "Subsidiary board-chair appointment; historical filing", "period": "From April 2024; 2025 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-295", "from": "e49", "to": "e77", "role": "Subsidiary board-chair appointment; historical filing", "period": "From April 2025; 2025 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-296", "from": "e27", "to": "e76", "role": "Chair of educational corporation; historical annual filing", "period": "From March 2018; 2022 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-executive-subsidiary-history" ], "kind": "directs" }, { "id": "r-297", "from": "e3", "to": "e1", "role": "Absorbed into parent by merger", "period": "Effective 1 April 2023", "status": "documented", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-parent-name-merger" ], "kind": "business" }, { "id": "r-298", "from": "e119", "to": "e177", "role": "Reported managing director; commercial registry profile", "period": "Archive snapshot October 2026; appointment date not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-surucu-other-mandates" ], "kind": "directs" }, { "id": "r-299", "from": "e119", "to": "e125", "role": "Reported managing director; commercial registry profile", "period": "Archive snapshot October 2026; appointment date not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "current", "claim_ids": [ "c-surucu-other-mandates" ], "kind": "directs" }, { "id": "r-300", "from": "e50", "to": "e1", "role": "Former president; COO and CEO roles at different times", "period": "President/COO from April 2020; CEO June 2021–April 2022; 2022 filing snapshot", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-historical-parent-offices" ], "kind": "directs" }, { "id": "r-301", "from": "e49", "to": "e1", "role": "Former president/COO, later board chair", "period": "President/COO from September 2022; board chair from April 2024; all group offices ended 3 March 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-historical-parent-offices", "c-march-departures" ], "kind": "directs" }, { "id": "r-302", "from": "e44", "to": "e1", "role": "Former president and CEO; representative director from June 2024", "period": "President/CEO April 2024–29 September 2026", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-historical-parent-offices", "c-kishida-resignation" ], "kind": "directs" }, { "id": "r-303", "from": "e98", "to": "e76", "role": "Historical board appointment at educational corporation", "period": "March 2018 appointment; disclosed in 2022 filing", "status": "documented", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-nakane-affiliation" ], "kind": "directs" } ], "history": [], "claims": [ { "id": "c-identity", "kind": "fact", "text": "Nidec is a Japanese motor and industrial-equipment group founded in Kyoto in July 1973. Its September 2026 annual filing reports 341 consolidated subsidiaries and four equity-accounted affiliates, with a corporate history built through numerous acquisitions.", "qualification": "The group count is a dated reporting perimeter, not a count of companies implicated in misconduct. The 2023 Japanese corporate-name change does not create a new issuer.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e27" ] }, { "id": "c-committee-scope", "kind": "attributed", "text": "The accounting committee was established on 3 September 2025, delivered its first report on 27 February 2026 and its final supplement on 17 April. Its final work included 612 interviews with 337 people and forensic investigations covering 129 people; the supplement left its earlier cause analysis and recommendations unchanged.", "qualification": "This was a company-appointed investigation relying on voluntary cooperation, not a compulsory court proceeding. Some former personnel could not be interviewed, personal data holdings were not comprehensively inspected, auditor workpapers were not examined and engagement partners were not interviewed. Written auditor answers were obtained; the report did not evaluate the auditor or guarantee any court decision.", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18" ], "entity_ids": [ "e1", "e6001" ] }, { "id": "c-pressure-findings", "kind": "attributed", "text": "The committee attributed the accounting misconduct it identified to excessive pressure to meet operating-profit targets. It described targets set from investor expectations rather than operating capacity, pressure transmitted through headquarters, and accounting departments that sometimes participated in the adjustments instead of restraining them.", "qualification": "The report distinguishes impermissible treatment from legitimate accounting judgment. Its aggregate correction figures include errors as well as intentional misconduct.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27" ] }, { "id": "c-legacy-assets", "kind": "attributed", "text": "The committee described “legacy liabilities” as accumulated assets of questionable value. The Asset Revitalization Project required write-offs to be funded from operating performance; later structural reforms prioritised selected write-offs while preserving profit targets. It said this approach delayed accounting corrections and allowed new problematic assets to accumulate.", "qualification": "The internal expression refers here to questionable asset values, not a separately measured balance-sheet liability. The report’s different restructuring amounts are not additional cash losses to be summed.", "response": "The report says Kishida repeatedly sought reforms without charging their cost to business-unit performance, but Nagamori rejected the proposal on profit-target grounds. It says Kishida was unaware that some necessary write-offs were consequently left unrecorded.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27", "e44" ] }, { "id": "c-individual-findings", "kind": "attributed", "text": "The committee found no facts showing that Nagamori directly instructed the identified improper accounting, but concluded that he knew of and accepted delayed correction and should bear the greatest responsibility for the system of excessive pressure. For Kobe it found no evidence of specific knowledge of particular misconduct, while inferring general awareness and toleration of planned rather than immediate correction.", "qualification": "These are the committee’s differentiated assessments of responsibility. They are not criminal verdicts, and the absence of evidence of direct instructions is not a conclusion that governance responsibility disappeared.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27", "e49" ] }, { "id": "c-other-leaders-findings", "kind": "attributed", "text": "The same committee found no facts indicating that Kishida, Yoshimoto or Seki instructed, directed or condoned the accounting misconduct it uncovered. Outside officers interviewed said that the reports they received had not explained the fundamental performance-pressure problem or the accumulated “legacy liabilities”.", "qualification": "The finding is bounded by the committee’s investigation and evidence. It is not a lifetime clearance of every action by these individuals or every outside director.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e44", "e102", "e50" ] }, { "id": "c-kishida-resignation", "kind": "attributed", "text": "On 29 September 2026 Nidec announced that Kishida resigned as representative director, president and CEO after a further company review found some statements or conduct concerning financial reporting that could not necessarily be regarded as appropriate. The company said the board applied the higher ethical standard expected under its new governance structure.", "qualification": "The release does not specify the underlying incidents or announce a court finding. This later board judgment must not be substituted retrospectively for the accounting committee’s distinct finding about instructions, direction and toleration.", "response": "Nidec also credited Kishida with sincere work on restoring the business since the committee was established, and said he offered to resign after the board’s discussions.", "outcome": "", "source_ids": [ "s-d14" ], "entity_ids": [ "e1", "e44" ] }, { "id": "c-new-leadership", "kind": "fact", "text": "The same release appointed Michio Kaida president and CEO while retaining his CTO role, and appointed Masayuki Minai representative director effective 29 September 2026. Kaida’s appointment as a representative director was a nomination subject to a future extraordinary shareholder meeting and subsequent board meeting.", "qualification": "The annual filing identifies Kazuo Nakagawa as acting CFO. The filing date is not evidence of his appointment date. Kaida’s announced executive appointment and his pending board appointment are different events.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d14" ], "entity_ids": [ "e1", "e51", "e4", "e5", "e52" ] }, { "id": "c-net-gross-corrections", "kind": "fact", "text": "The April committee supplement estimated a cumulative negative impact of ¥160.7 billion on group net assets at the end of the first quarter of FY2025, replacing the February provisional ¥139.7 billion figure. It also presented ¥449.8 billion of gross net-profit effects as a separate reference measure.", "qualification": "The cumulative figure combines misconduct and errors, and excludes specified derivative tax, goodwill and impairment effects. The gross measure follows separate assumptions, does not net reversals in the same way and is not an official accounting metric; it must not be added to the cumulative figure as another loss.", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18" ], "entity_ids": [ "e1" ] }, { "id": "c-september-corrections", "kind": "fact", "text": "Nidec’s September annual filing reports a wider cumulative reduction of ¥482.457 billion in net assets as of the second quarter of FY2025. Its restated March 2025 comparative figures reduce operating profit from ¥237.837 billion to ¥128.222 billion, owner-attributable profit from ¥164.159 billion to ¥84.672 billion, and owner-attributable equity from ¥1,716.947 billion to ¥1,239.815 billion.", "qualification": "The September calculation includes further work and a later reference period than the April committee figure. The same filing records a ¥356.433 billion reduction of opening retained earnings for earlier periods. These measures overlap and must not be summed. The comparison uses the before-and-after figures in this filing, not unreconciled numbers from an older report.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "c-group-parent-finances", "kind": "fact", "text": "For the year ended 31 March 2026, the annual filing reports consolidated revenue of ¥2,708.705 billion, an owner-attributable loss of ¥564.624 billion, assets of ¥3,107.621 billion and owner-attributable equity of ¥794.164 billion. Separately, the parent-only table reports revenue of ¥273.452 billion, a net loss of ¥167.003 billion, net assets of ¥18.976 billion and an equity ratio of 1.0%.", "qualification": "Consolidated figures follow IFRS; parent-only figures are a different reporting perimeter. They are reported amounts accompanied by an audit disclaimer, not unqualified audited results. Parent-only net assets must not be presented as the equity of the whole group.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d4" ], "entity_ids": [ "e1" ] }, { "id": "c-impairment-uncertainty", "kind": "fact", "text": "The company’s operating-results discussion reports ¥632.135 billion of non-financial-asset impairment, while the accompanying auditor text refers to ¥632.221 billion. The auditor said it lacked sufficient evidence about the amount and timing of impairment for certain cash-generating units and whether prior-period estimates used information available at the relevant time.", "qualification": "The retained texts differ slightly in the stated total; this dossier does not invent a reconciliation. Both place impairment at roughly ¥632.2 billion. The audit objection includes the risk of hindsight in restating prior estimates, not just a disagreement over one amount.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d4" ], "entity_ids": [ "e1", "e2" ] }, { "id": "c-distribution-limits", "kind": "fact", "text": "Nidec said its accounting corrections showed that specified buybacks or dividends in each fiscal year ended March 2022 through March 2026 exceeded the distributable amount calculated under Japanese company law. It also said regulatory investigation or an administrative monetary penalty was possible but could not then be reasonably estimated.", "qualification": "This is the company’s disclosure of the consequences of its corrected accounts. A possible regulatory penalty is not an imposed penalty, and individual civil liability requires its own proceeding and outcome.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "c-audit-disclaimer", "kind": "fact", "text": "The 30 September 2026 announcement reports disclaimers on annual consolidated and parent-only accounts and the internal-control report, together with no review conclusion on the third-quarter results. PwC said evidence about completeness of corrections, management override, impairment and comparative information was insufficient and potentially pervasive.", "qualification": "A disclaimer means the auditor could not obtain the basis to express an opinion. It is neither approval of the accounts nor an affirmative finding that every reported figure is wrong. The English release’s second subsection heading is inconsistent with its quarterly-review body; the opening announcement distinguishes the scopes.", "response": "Nidec said it took the events seriously, would take appropriate action and apologised to shareholders and other stakeholders.", "outcome": "The auditor said some people involved in the identified accounting problems or false explanations still held financial-reporting responsibilities and personnel remediation was incomplete. The company could not express its own internal-control assessment result as of March 2026.", "source_ids": [ "s-d4" ], "entity_ids": [ "e1", "e2" ] }, { "id": "c-audit-history", "kind": "fact", "text": "The committee describes Kyoto Audit Corporation, renamed PwC Kyoto in 2016, as Nidec’s longstanding auditor; PwC Kyoto merged with PwC Aarata in December 2023 to form PwC Japan. The committee’s account of older events therefore distinguishes the firms and periods.", "qualification": "A common network name does not make every historical firm the same legal entity or assign each past engagement to today’s firm.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e2" ] }, { "id": "c-suppressed-warning", "kind": "attributed", "text": "The committee found that internal investigations repeatedly avoided examining headquarters pressure. It describes interview records at Nidec Servo being edited after auditor comments and final minutes omitting statements about coercive pressure; it also found internal emails showing that the material supplied for a 2020 forensic review had been selectively narrowed.", "qualification": "The committee expressly did not evaluate the auditor: it did not examine audit workpapers or interview engagement partners. Anonymised officials are not identified from their job titles.", "response": "PwC’s written answer said the edits sought to resolve discrepancies between interview minutes and daily calls under time constraints, and that the partner had called for digital forensics. PwC’s separate March statement said it cooperated sincerely, answered all questions and would not comment on individual engagements.", "outcome": "", "source_ids": [ "s-d11", "s-d91" ], "entity_ids": [ "e1", "e2", "e105" ] }, { "id": "c-forensic-fees", "kind": "attributed", "text": "For the Brazilian appliance-business investigation, the committee describes a ¥25.7 million reduction in PwC Kyoto’s audit remuneration, equal to half the external forensic costs, negotiated after Nagamori’s instruction. The reduction was split between two financial years.", "qualification": "The relevant Companies Act audit report preceded the fee negotiation. This episode should not be recast as a proven payment for an audit opinion, which the committee did not find.", "response": "PwC’s written explanation treated the adjustment as part of negotiation of the group’s total audit remuneration. Its public response said it had answered all committee questions and declined engagement-specific comment.", "outcome": "", "source_ids": [ "s-d11", "s-d91" ], "entity_ids": [ "e1", "e2", "e27", "e9", "e6004" ] }, { "id": "c-exchange-action", "kind": "fact", "text": "Tokyo Stock Exchange designated Nidec a security on special alert effective 28 October 2025. On 30 April 2026 it required a ¥91.2 million listing-agreement penalty, citing prolonged and extremely serious weaknesses in internal management and loss of investor trust.", "qualification": "The exchange action is distinct from a government criminal charge or administrative securities penalty. The retained decisions do not establish completed delisting.", "response": "", "outcome": "", "source_ids": [ "s-d31", "s-d55" ], "entity_ids": [ "e1", "e30" ] }, { "id": "c-precision-legacy", "kind": "attributed", "text": "The committee traced Nidec Precision’s longstanding problematic assets to idle manufacturing equipment, unsubstantiated services and labour costs. It said equipment for lost customer projects continued to be depreciated instead of impaired; around ¥940 million remained undepreciated at March 2025 for the two identified projects.", "qualification": "The customer and projects are anonymised in the report. The various historic balances, later residuals and depreciation flows are overlapping measures. The report says some equipment was repurposed, so the finding is not that every purchased machine was unusable.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e18", "e27" ] }, { "id": "c-precision-services", "kind": "attributed", "text": "The committee concluded that Nidec Precision recorded ¥580 million of service revenue without substantiated technical support. It describes an agreement submitted to the auditor without the accompanying agreement negating payment claims, and an internal legal objection that was not accepted.", "qualification": "The contractor initially rejected the proposed arrangement as insufficiently substantiated. The committee’s conclusion concerns the company’s accounting and withheld terms; it does not establish wrongdoing by every counterparty.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e18", "e2" ] }, { "id": "c-precision-moulds", "kind": "attributed", "text": "The committee found that Nidec Precision capitalised development labour and later falsely treated existing or purchased moulds and other equipment as newly manufactured or processed. It describes concealed old moulds and falsified work records used during an internal audit.", "qualification": "A company president’s signature on approval forms is not treated as proof of knowledge. The president said he had not scrutinised the detail, and the committee found no testimony or objective evidence establishing that he understood the scheme.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e18", "e2" ] }, { "id": "c-ndtc-variances", "kind": "attributed", "text": "The committee found that Nidec Drive Technology deferred inventory cost variances to achieve profit targets and extended their amortisation from six to twelve months, then to twenty-four months without a reasonable basis. It reported ¥1.105 billion still allocated to inventory at the first quarter of FY2025.", "qualification": "The earlier ¥1.902 billion balance at the third quarter of FY2021 is a different dated balance, not another amount to add. The operational officials remain unnamed.", "response": "The former finance-and-planning head said he did not recall receiving reports of the earlier adjustments. The committee preferred the consistent accounts of the CFO and accounting staff and the reporting structure; the later CEO acknowledged consultation about the twenty-four-month extension.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e54" ] }, { "id": "c-ndtc-double-sales", "kind": "attributed", "text": "The April supplement found that NDTC intentionally included in consolidation adjustments sales already made by Minster to outside customers and Arisa sales to other customers, recording sales twice. This changed the explanation of the problem from the error announced in May 2024 to intentional profit manipulation.", "qualification": "The supplement says the amounts had already been corrected in 2024 and required no further revision on this point. Minster and Arisa belonged to the NDTC operating group despite no direct capital ties with NDTC; the operating relationship is not an ownership edge.", "response": "", "outcome": "The earlier internal investigation accepted the CFO’s explanation of misidentification after finding no evidence of intent in its email review. The later committee reached a different conclusion about intent, not a new uncorrected duplicate-sales total.", "source_ids": [ "s-d18" ], "entity_ids": [ "e1", "e54", "e55", "e56" ] }, { "id": "c-country-x-grant", "kind": "attributed", "text": "The committee found that approximately ¥1.25 billion of government grants for an anonymised foreign factory was improperly recognised in full as March 2022 revenue. A supplementary notice issued in May was backdated to March, while a separate consent letter confirming the original investment agreement remained unchanged was not given to the auditor.", "qualification": "The subsidiary, country, government and operational officials remain anonymised. Nagamori’s revenue-recognition proposal and Seki’s investment approval are described without treating either fact alone as proof that they knew the accounting was improper.", "response": "PwC said it performed the work after the local auditor requested exclusion of the grant transactions, using information supplied by headquarters. It said it did not know of the consent letter and would have considered the company’s explanation unreasonable had it known. The executive who withheld the letter from full-time auditors denied intending concealment; the committee rejected that explanation based on the email sequence.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e2", "e27", "e50", "e6002", "e6003" ] }, { "id": "c-supplier-funds", "kind": "attributed", "text": "At Nidec Techno Motor (Zhejiang), the committee found that repayable supplier “cooperation funds” were treated as cost reductions instead of liabilities. Its repayment records totalled CNY65.3 million; a separate episode falsely represented agreements for CNY10 million and withheld their rescission agreements from accounting staff.", "qualification": "Genuine non-repayable discounts are a different accounting category. The amounts describe different sets of transactions and are not presented as an additive final loss. Two former general managers did not cooperate with requested interviews; anonymous actors are not identified from later officer lists.", "response": "", "outcome": "A newly appointed general manager reported accumulated problematic items to headquarters, Kobe and internal audit. The ensuing investigations uncovered wider group documents and contributed to the establishment of the third-party committee.", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e70", "e71", "e49" ] }, { "id": "c-ga-rebates", "kind": "attributed", "text": "The committee found US$22.5 million of improper revenue in the Global Appliance business from additional customer invoices accompanied by promises to offset or repay the amounts. The total included US$3.9 million linked to future price reductions and US$18.6 million linked to rebate promises.", "qualification": "The two components are included in the US$22.5 million total, not additional losses. Customer acknowledgement or temporary payment did not remove the repayment promise. The earlier Brazilian internal investigation had not located the rebate letters and did not establish the revenue issue.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e6004", "e9" ] }, { "id": "c-hungary-provision", "kind": "attributed", "text": "The committee found that headquarters reversed a €4.9 million provision for repayment of a conditional Hungarian grant in Nidec’s consolidation adjustments. It said the provision was presented alongside fixed-asset impairment reversals to offset part of an unexpected €12.13 million German development-cost impairment.", "qualification": "The Hungarian subsidiary had recognised the repayment provision locally. The finding concerns its reversal in consolidated accounts, not a finding that the grant itself was illicit or that Hungary had already ordered repayment.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e69", "e13" ] }, { "id": "c-gpm-control-response", "kind": "attributed", "text": "In the German GPM investigation, internal investigators found improper write-down, capitalisation and revenue practices. The CEO attributed his decisions to performance pressure, while the business-unit deputy CFO denied instructing improper accounting. The later committee found internal emails indicating reluctance to recognise a wider control problem.", "qualification": "The earlier investigation found no evidence that the deputy CFO instructed improper accounting and did not attribute intent to every identified accounting error. The anonymised executives are not matched to named registry directors solely by their positions.", "response": "The deputy CFO said he believed personnel understood the limits of the rules. Earlier investigators treated the issue largely as the local CEO’s judgment and said headquarters required proper accounting; the later committee questioned that narrow framing.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e13" ] }, { "id": "c-nist-property", "kind": "attributed", "text": "The committee found that Nidec Instruments should have impaired an unused company residence in FY2020 after the final residents left and no future use was planned. Instead it recognised a ¥414 million impairment in the fourth quarter of FY2024 after deciding to sell the land to the local government.", "qualification": "The report describes negotiations, a later decision to sell and delayed accounting. It does not establish a completed sale merely from the decision.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e11", "e27" ] }, { "id": "c-okk-inventory", "kind": "attributed", "text": "The committee identified ¥2.437 billion of inventory write-downs that should have been recognised by June 2025 across Nidec OKK, Ohtoyo Kiko and OKK USA: ¥1.742 billion, ¥39 million and ¥656 million respectively. The inventory included obsolete, inactive or excessive items with little or no realistic future use.", "qualification": "A system change limited reconstruction of complete historical inventory data. The three figures are components of the total. The report attributes delayed write-downs to the requirement to fund disposal from profits while achieving targets.", "response": "The headquarters executive said any self-funding instruction assumed proper accounting and was not an instruction to exclude inventory that required accounting treatment. The committee retained that answer alongside its contrary documentary account.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e26", "e67", "e68" ] }, { "id": "c-nama-receivables", "kind": "attributed", "text": "The committee described overdue receivables in the US NAMA business and its Mexican manufacturing operations. An August 2024 inspection identified US$32.1 million overdue, including US$16.3 million considered uncollectible; necessary provision was later deferred when the scope of structural reforms was narrowed.", "qualification": "The report sometimes uses NAMA for a combined operating unit, but distinguishes the US seller from the Mexican manufacturing subsidiary. Different dated receivable totals are not separate losses to be added.", "response": "Kishida said he knew the receivables were problematic but left accounting decisions to specialists and had not expected required disposals to be omitted. He said, in retrospect, he should have scrutinised the details and discussed them directly with Nagamori.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e72", "e73", "e6005", "e44", "e49", "e27" ] }, { "id": "c-traction-impairment", "kind": "attributed", "text": "The committee found that traction-motor impairment testing included a low-probability Guangzhou project, a lost project and further projects the sales department considered unlikely. It estimated that approximately ¥8.6 billion impairment should have been recognised for FY2024, compared with ¥6.6 billion subsequently recorded in the first quarter of FY2025.", "qualification": "These are different period-specific estimates, not additive losses. The committee says the adverse project information was not conveyed to the auditor; customers and projects remain anonymised.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e24", "e2" ] }, { "id": "c-inverter-losses", "kind": "attributed", "text": "The committee found that an agreed cancellation of one inverter product was not disclosed to the auditor and an older two-product plan was used in impairment testing. It said approximately ¥21 billion asset impairment and ¥43 billion contract-loss provision should have been recognised earlier; later first-quarter FY2025 accounts recorded ¥24.3 billion and ¥35.9 billion respectively.", "qualification": "The earlier and later amounts differ in period, further capital expenditure and costs already incurred; they must not be added. Elesys merged into Mobility in April 2025, and Nidec assumed the inverter business in May, so the business and legal-entity histories differ.", "response": "Headquarters accounting personnel told the committee they avoided the adverse explanation because of concern about the work and performance pressure impairment would trigger.", "outcome": "The September annual filing reports a later contract amendment shortening supply obligations, with related provision reductions and possible supplier claims still being assessed. It does not quantify a completed reversal of all losses.", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e66", "e19", "e2" ] }, { "id": "c-takisawa-gain", "kind": "attributed", "text": "The committee found that Nidec excluded Taiwan Takizawa land from purchase-price allocation to avoid recognising a ¥3.34 billion bargain-purchase gain for FY2023. It records acquisition of 86.14% of Takisawa in November 2023 and completion of full ownership in February 2024.", "qualification": "This case concerns avoiding a gain, demonstrating why all corrections cannot be called concealed losses. The land’s appraised gain and the net bargain-purchase gain are different figures.", "response": "The headquarters CFO said he was uneasy about the prior-year adjustment but believed the option presented by accounting specialists would not violate the rules. The committee rejected the arbitrary exclusion under the applicable acquisition-accounting requirements.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e74", "e75" ] }, { "id": "c-psa-settlement", "kind": "attributed", "text": "Nidec PSA eMotors faced a supplier demand for US$465.3 million in October 2024 after order volumes fell below contractual thresholds. The committee records a November 2025 settlement for €137 million in compensation and other expenses, with actual payment of €116 million after price revisions, and a ¥19.001 billion liability recognised in the revised first-quarter FY2025 accounts.", "qualification": "Demand, settlement total, actual payment and booked yen liability are different measures. The committee expressly did not classify this issue as improper accounting: it criticised the missing contingent-liability disclosure and reporting controls.", "response": "NPe disputed the demand and considered the proposed amount unrealistic and difficult to estimate before settlement. The committee did not call that estimation judgment unreasonable, but said a contingent-liability note was required.", "outcome": "The claim was settled on 1 November 2025. The committee said headquarters had not reviewed its accounting impact or informed PwC before that settlement because it was absent from subsidiary reporting packages.", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e23", "e113" ] }, { "id": "c-quality-count", "kind": "fact", "text": "The quality committee’s September 2026 report identified 844 quality cases across 12 business units: 60 classified as important and 784 as general. It separately identified six origin-labelling or customs-related cases.", "qualification": "These are investigated cases under the report’s definitions, not a count of defective products, injured customers or legal convictions. Earlier totals of suspected cases used different screening, duplication and inclusion rules.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6006" ] }, { "id": "c-quality-pattern", "kind": "fact", "text": "Of the 844 quality cases, 805 involved changes to people, machines, materials or methods without required approval; 22 involved fabricated or altered test results, 11 altered test conditions, four unauthorised products and two improper records. Nidec Instruments, Mobility and Techno Motor accounted for 767 cases, or 90.9%.", "qualification": "Case counts do not rank safety consequences. “Important” includes specified involvement, legal, certification and technical-risk criteria; “general” does not mean harmless or fully resolved. The committee did not independently validate site assessments of safety or recall risk.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e11", "e19", "e71" ] }, { "id": "c-quality-limits", "kind": "fact", "text": "The committee used interviews, document work and supplementary surveys, including 89,973 responses from 97,663 targeted personnel. It did not independently repeat every company-led investigation, verify every exclusion or capture all potential quality problems.", "qualification": "This was a voluntary, time-limited investigation. Some people did not respond or supplied only written replies; unresolved fact-finding was left for further work. The committee’s conclusions do not bind a court or regulator.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6006" ] }, { "id": "c-quality-leadership", "kind": "fact", "text": "Keyword-based forensic review covering 31 current or former leaders did not reveal new quality episodes or emails clearly showing instructions or acquiescence in specific misconduct. The committee nevertheless identified structural problems in demanding targets, resources, reporting and control of acquired or transferred operations.", "qualification": "The report did not find that Nagamori or other top management directed the identified quality misconduct to meet targets. This is distinct from its criticism of the organisation and from the separate accounting committee’s individual findings.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e27", "e6006" ] }, { "id": "c-spms-quality", "kind": "fact", "text": "An unnamed SPMS factory relaxed acceptance criteria without customer approval and rewrote measured inspection values to fit customer specifications. The report dates the practice from around July 2018 until around May 2026; a 2020 internal rule allowed approved changes to customer-facing data.", "qualification": "The factory conducted performance checks before shipment. That does not establish compliance with the customer’s agreed specifications. The public report anonymises the company, factory, customer and individual actors.", "response": "The company had sought looser specifications, but the customer did not approve them. Managers then pursued process improvements without informing the customer; the committee found that this did not eliminate the unresolved items.", "outcome": "The report says the practice stopped around May 2026 after the quality inspection identified it.", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6007" ] }, { "id": "c-amec-rework", "kind": "fact", "text": "An unnamed AMEC Organic factory repeatedly reworked automotive motor parts without required customer approval to reduce scrap and costs. Some practices dated to at least around 2012 and all had stopped by 19 February 2026.", "qualification": "The report found inadequate risk assessment, records and traceability, but no identified market failure attributable to the practice by its reporting date. Available records did not identify the decision-maker, approver or highest manager aware before discovery.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6008" ] }, { "id": "c-mobility-resin", "kind": "fact", "text": "An overseas Nidec Mobility plant used 15% recycled resin in one part number for which the customer prohibited it, from around August 2020 to September 2025. It stopped after internal discovery but did not notify the customer until May 2026.", "qualification": "The investigators could not identify the actual operator or approver, and found no evidence that the plant head knew or approved it. This was one confirmed part number, not every component made there.", "response": "The plant judged the risk low because its tests found no problem and no warranty problem had been reported over six years. The report treats this as the plant’s reason for delayed disclosure, not independent proof that the contractual breach was immaterial.", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e19" ] }, { "id": "c-techno-chemicals", "kind": "fact", "text": "After a production transfer, Nidec Techno Motor told a customer in May 2026 that chemical-content requirements were met without obtaining the necessary supplier information. The gap was reported around mid-June, and collection of missing information continued during the investigation.", "qualification": "The investigation did not establish that the products actually contained a chemical prohibited by the customer. Many older information gaps concerned updates to previously obtained data.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e71" ] }, { "id": "c-instruments-tests", "kind": "fact", "text": "Nidec Instruments operations recorded standard passing values as though measured when required per-lot torque or pull-strength tests had not been performed. The report traces torque practices to at least January 2022 and pull-strength practices to at least May 2024, continuing until around July 2026.", "qualification": "The practices were inherited or continued through a business transfer. Staff believed stable production and past satisfactory checks made repeated testing unnecessary, but no customer approval for changing the testing frequency or substituting other tests was confirmed.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e11" ] }, { "id": "c-quality-response", "kind": "fact", "text": "Nidec’s September disclosure promised stronger independent quality authority, reporting and escalation, including power to stop shipments, continuing quality reporting and customer discussions. The committee recommended realistic resources and targets and testing whether changes work in practice.", "qualification": "These were announced measures and recommendations, not proof of completed remediation. The September 4 statement that no material prior-period financial effect had been identified was a dated company assessment.", "response": "", "outcome": "The later annual report recorded warranty provisions it described as limited and said customer discussions continued, with possible additional compensation or related costs not then reasonably estimable.", "source_ids": [ "s-d10", "s-d187" ], "entity_ids": [ "e1", "e6006" ] }, { "id": "c-customs-us", "kind": "fact", "text": "Nidec’s annual report says NIDEC FIR INTERNATIONAL paid approximately US$6.8 million including interest for US customs underpayments for April 2021–September 2025, and that CBP closed that matter on 2 December 2025. Nidec Motor Corporation and Nidec Global Appliance North America separately estimated additional duties of approximately US$70.7 million including interest and made voluntary disclosures in August 2026; those matters remained pending.", "qualification": "These are the company’s account of the named entities’ customs matters. A closed FIR matter does not close the separate NMC/NGANA disclosures. FIR INTERNATIONAL is not silently merged with another similarly named Italian group company.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e31", "e8", "e65" ] }, { "id": "c-customs-other", "kind": "fact", "text": "The annual report identifies approximately US$16.6 million of additional US underpayment exposure at five other subsidiaries, investigation at a further 21, and planned voluntary disclosure for those 26. It also describes undervalued used-equipment imports by former Nidec Elesys in China, a completed Swiss registration matter with no stated financial impact and separate Chinese withholding-tax issues.", "qualification": "The company characterised the identified Chinese financial effects as limited. The unnamed subsidiaries are not assigned to named group companies merely because they operate in the same country. The US amounts describe separate disclosed groups and stages, not an additional amount to be added twice.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e66" ] }, { "id": "c-origin-labels", "kind": "fact", "text": "The quality report describes questionable Japan-origin labels or invoices for NDTC machine parts and measuring products, and former Nidec Elesys supplier certificates that continued to claim Japanese origin after part of production moved abroad.", "qualification": "These are source-described origin-control failures. They are not equated with every US customs underpayment in the annual report; the sources use different case scopes.", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e54", "e66" ] }, { "id": "c-tariff-refund", "kind": "fact", "text": "Separately from customs underpayments, Nidec disclosed an application for roughly US$70 million in IEEPA-related tariff refunds in the United States.", "qualification": "The application was pending in the retained disclosure. It is neither an approved receivable recovery nor an offset that can be netted against the separately reported customs payments.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "c-registered-holders", "kind": "fact", "text": "Nidec’s shareholder register at 31 March 2026 lists Shigenobu Nagamori at 8.61%, Kyoto Bank at 4.32% and SN Kosan GK at 3.52%, calculated against issued shares excluding treasury stock. The ten largest registered entries together represent 34.17%.", "qualification": "The same table includes custody and client accounts. Their registered balances do not establish the ultimate beneficial investors or imply that every named institution controls those shares for its own account. Different large-holding filings use different dates and denominators.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e27", "e28", "e29", "e6010", "e6011", "e6012", "e6013", "e6014", "e6015", "e6016" ] }, { "id": "c-oasis-position", "kind": "fact", "text": "Oasis Management Company Ltd., a Cayman Islands investment manager, reported 95,067,750 Nidec share-equivalents, or 7.97%, as of 9 September 2026 in a filing submitted on 16 September. The previous filing’s percentage was 6.78%.", "qualification": "The position includes 95,067,725 shares and 25 depositary-receipt equivalents. This is a statutory holding disclosure by an asset manager, not a claim that all underlying assets belong beneficially to the manager. It is later than the March shareholder-register snapshot.", "response": "", "outcome": "", "source_ids": [ "s-d119" ], "entity_ids": [ "e1", "e114" ] }, { "id": "c-oasis-proposals", "kind": "fact", "text": "Oasis disclosed proposals concerning board composition, capital policy, possible delisting and a transaction that could put a third party above a majority of voting rights. It also described a conditional intention to increase its holding by more than five percentage points.", "qualification": "These were disclosed proposals and intentions, with price, quantity, timing and possible regulatory approvals unresolved. They are not evidence of a completed takeover, delisting or later acquisition.", "response": "", "outcome": "", "source_ids": [ "s-d119" ], "entity_ids": [ "e1", "e114" ] }, { "id": "c-founder-departures", "kind": "fact", "text": "Nagamori left his executive chairman role on 19 December 2025 and became non-full-time chairman emeritus; he resigned that honorary position on 26 February 2026. The committee records that the weekly Nagamori–Kobe–Kishida meeting ceased after the December change.", "qualification": "Departure from office is distinct from the March 2026 registered shareholding. The retained ownership table does not establish a subsequent sale.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e27", "e49", "e44" ] }, { "id": "c-family-vehicles", "kind": "fact", "text": "Official corporate-number records identify SN Kosan GK as 8130002016189 and Minoreas Co., Ltd. as 2130001082824, with the same registered business address in Kyoto. Minoreas’s number record was updated on 21 August 2026.", "qualification": "A shared registered address does not establish ownership. Corporate-number assignment or update is not automatically the legal incorporation date. A similarly named kabushiki kaisha is not merged with SN Kosan GK without evidence.", "response": "", "outcome": "", "source_ids": [ "s-d133", "s-d70" ], "entity_ids": [ "e28", "e104" ] }, { "id": "c-minoreas-reported", "kind": "fact", "text": "October 2026 reporting describes Minoreas as a new Nagamori family venture incorporated on 31 July for investment, acquisitions and corporate rehabilitation. A separate commercial database, which says it checked a registry extract on 2 October, lists Yoshihisa Kitao as representative director and Tomohiro Nagamori as director.", "qualification": "The corporate-number service confirms identity and address, not those directorships or beneficial ownership. The underlying commercial-register extract was not retained. The media account describes Tomohiro as Shigenobu’s second son; its account of strategy relies partly on an unnamed financial-sector source.", "response": "A staff member at the SN Kosan office told the publication that the interview request was declined.", "outcome": "No transfer of Nidec assets to this venture, or responsibility for Nidec accounting misconduct, is established by these affiliations.", "source_ids": [ "s-d115", "s-d133", "s-d134" ], "entity_ids": [ "e27", "e57", "e104", "e129", "e28" ] }, { "id": "c-march-departures", "kind": "fact", "text": "Nidec says Hiroshi Kobe, Yoshihisa Kitao, Akinobu Samura and Tatsuya Nishimoto resigned all group positions on 3 March 2026 following the accounting report. Valter Taranzano’s duties were suspended on 2 March and he left on 23 March.", "qualification": "These are company personnel measures, not judicial findings of individual liability. Their prior responsibilities differed: Kobe was board chair; Kitao covered SPMS and group companies; Samura was CFO; Nishimoto led machinery; Taranzano led the appliance and automotive division.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e49", "e57", "e58", "e59", "e60" ] }, { "id": "c-board-turnover", "kind": "fact", "text": "The annual filing records a major June 2026 board renewal. Sato, Komatsu and Sakai left their outside-director positions on 18 June; Ochiai, Yamada, Toyoshima and Umeda left their audit-and-supervisory committee directorships that day. Nine new directors were elected.", "qualification": "The dates establish office changes, not reasons or misconduct. Yoshii had joined on 20 June 2025; Murakami left the parent’s audit-and-supervisory committee directorship that day.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e45", "e48", "e46", "e78", "e47", "e82", "e83", "e35", "e36", "e37", "e38", "e39", "e40", "e41", "e42", "e43", "e34", "e81" ] }, { "id": "c-committee-changes", "kind": "fact", "text": "The filing distinguishes board seats from advisory committees: Kishida left the nomination committee on 26 March 2026, while his compensation-committee role ended on 18 June. Nagamori had left the compensation committee on 20 June 2025. The June renewal put Yamamoto, Koizumi, Sakuma and Nishiura on both advisory committees.", "qualification": "Committee dates are not interchangeable with executive or statutory-director tenures.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e44", "e27", "e34", "e40", "e37", "e38", "e39", "e48", "e46", "e47", "e45" ] }, { "id": "c-subsidiary-auditors", "kind": "fact", "text": "The annual filing places Yoshii as statutory auditor at several machinery and service subsidiaries from July 2025, with Components added in June 2026. Yamazaki’s June 2026 appointments include statutory-auditor roles at Instruments, Powertrain, Precision and Mobility.", "qualification": "These oversight capacities are distinct from managing the subsidiaries or being responsible for past accounting events. The filing does not mark Yoshii’s Machinery position as continuing, so it is preserved only as a historical appointment.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e34", "e35", "e52", "e26", "e77", "e74", "e71", "e54", "e10", "e21", "e11", "e20", "e18", "e19", "e112" ] }, { "id": "c-board-remediation", "kind": "fact", "text": "Nidec says it expanded outside oversight, created a board-support office in June 2026 and revised executive selection, reporting and remuneration processes. Its audit-and-supervisory committee judged PwC’s performance for the year appropriate and voted to reappoint it; all but one engagement partner had changed after receipt of the February report.", "qualification": "This is the company’s governance assessment, not an independent finding that controls were already effective. The subsequent auditor disclaimers and continuing evidence problems remain material.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e2" ] }, { "id": "c-group-perimeter", "kind": "fact", "text": "The March 2026 annual table identifies major consolidated subsidiaries across Japan, Asia, the Americas and Europe, plus 306 other consolidated companies. It distinguishes total voting interests from the indirect portion included within them.", "qualification": "A parent-to-subsidiary line in this dossier can describe group voting control rather than direct legal title. Business-unit membership, shared officers and supply relationships are separate capacities. Consolidation and a management role do not establish participation in a particular accounting episode.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e6", "e7", "e8", "e9", "e10", "e11", "e6030", "e6031", "e6032", "e12", "e6033", "e6034", "e6035", "e144", "e13", "e14", "e15", "e6036", "e72", "e17", "e6037", "e52", "e18", "e55", "e19", "e20", "e70", "e6038", "e21", "e22", "e23", "e6039", "e24", "e25", "e26" ] }, { "id": "c-subsidiary-equity", "kind": "fact", "text": "The annual report lists March 2026 negative equity exceeding ¥10 billion at the Polish automotive subsidiary (¥23.132 billion), NAMA (¥41.416 billion), Electric Motor Serbia (¥15.346 billion), the German automotive subsidiary (¥16.300 billion), Elesys Zhejiang (¥28.739 billion), Powertrain Zhejiang (¥36.564 billion) and Elesys Europe (¥13.507 billion).", "qualification": "These are subsidiary figures in the group annual report, not a statement that all group companies are insolvent. They are not reconciled here to earlier local accounts with different periods and accounting bases.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e15", "e72", "e169", "e14", "e6045", "e6046", "e6047" ] }, { "id": "c-components-sale", "kind": "fact", "text": "October 1 reporting of Nidec’s announcement says it agreed to sell all of Nidec Components to TCG2603, indirectly held by Carlyle-related funds, for ¥102.98 billion, with transfer planned for 1 December 2026.", "qualification": "The retained announcement describes a signed agreement and future closing, not a completed disposal within the archive cutoff. Carlyle’s management of related funds is not itself direct title to the shares.", "response": "Nidec presented the deal as part of its portfolio reform, allowing Components to pursue investment and growth with an external partner while the group concentrates resources on priorities.", "outcome": "The company said the effect on consolidated results was under examination.", "source_ids": [ "s-d132" ], "entity_ids": [ "e1", "e21", "e128", "e6044" ] }, { "id": "c-mobility-merger", "kind": "fact", "text": "Japan’s corporate-number history shows Nidec Mobility, number 9180001088975 and formerly Omron Automotive Electronics, absorbed Nidec Elesys, number 4020001041054, effective 1 April 2025.", "qualification": "The merger is distinct from the parent’s later assumption of the inverter operation. A historical Elesys episode must remain dated to the entity and business then responsible.", "response": "", "outcome": "", "source_ids": [ "s-d212" ], "entity_ids": [ "e19", "e66" ] }, { "id": "c-german-entities", "kind": "fact", "text": "Retained German registry-derived records distinguish Nidec GPM GmbH (Jena HRB 300562), Nidec Motors & Actuators (Germany) GmbH (Stuttgart HRB 302063) and Nidec AMEC Europe GmbH (Stuttgart HRB 764667). AMEC Europe’s stated purpose includes operational leadership, setting targets and monitoring the group’s automotive businesses.", "qualification": "The operational headquarters is a separate legal company. It is not interchangeable with every AMEC factory or business-unit label. Registration and formation dates can also differ.", "response": "", "outcome": "", "source_ids": [ "s-d125", "s-d126", "s-d178", "s-d260" ], "entity_ids": [ "e13", "e14", "e157" ] }, { "id": "c-german-management", "kind": "fact", "text": "Registry-derived histories place Guilherme Silva de Almeida and Tuna Sürücü in management roles across the three German companies in late 2025; Tiago Aurelio Figueiredo joined the German Motors & Actuators management. They also preserve earlier mandates held by Kishida, Igarashi, Kawasaka, Schulte and Yokota.", "qualification": "Dates below are reported registry-entry intervals, not automatically employment start and end dates. The original registry extracts were not retained for every entry; commercial services reproduce or summarise them. A mandate does not prove involvement in misconduct.", "response": "", "outcome": "", "source_ids": [ "s-d125", "s-d126", "s-d178", "s-d258" ], "entity_ids": [ "e13", "e14", "e157", "e118", "e119", "e124", "e44", "e121", "e158", "e159", "e160", "e102", "e120" ] }, { "id": "c-german-contract", "kind": "fact", "text": "The retained GPM company profile records a profit-transfer agreement with Nidec Motors & Actuators (Germany).", "qualification": "The agreement is a specific corporate relationship. It is not, by itself, proof of a particular ownership percentage or of responsibility for GPM’s disputed accounting decisions.", "response": "", "outcome": "", "source_ids": [ "s-d125" ], "entity_ids": [ "e13", "e14" ] }, { "id": "c-igarashi-timeline", "kind": "fact", "text": "Nidec’s own 2022 and 2024 notices identify Kazutsugu Igarashi in senior automotive roles and chairmanships at named Chinese and American subsidiaries. December 2024 reporting says he left Nidec at the end of November and was appointed to a Proterial executive role effective January 2025.", "qualification": "Later German register entries still naming him are preserved as registry history. They do not prove he continued working for Nidec after the reported departure; the reason for the difference is not established.", "response": "", "outcome": "", "source_ids": [ "s-d189", "s-d191", "s-d192" ], "entity_ids": [ "e1", "e121", "e7", "e144", "e6036", "e72", "e6005", "e165" ] }, { "id": "c-poland-serbia", "kind": "fact", "text": "Registry-derived profiles identify the Polish company by KRS 0000262021 and Nidec Electric Motor Serbia by MB 21648850. The Polish profile names Nidec Europe B.V. as sole shareholder and lists Silva de Almeida, Figueiredo, Marko Ivović and Leszek Brzyski on its board; the Serbian profile names the first three as directors.", "qualification": "Dorota Dąbkowska is listed as a joint authorised commercial representative, a different capacity from board membership. The commercial profiles’ local financial summaries are not reconciled to the later yen-denominated negative-equity figures in Nidec’s group report.", "response": "", "outcome": "", "source_ids": [ "s-d172", "s-d307" ], "entity_ids": [ "e15", "e169", "e154", "e118", "e124", "e153", "e152", "e155" ] }, { "id": "c-arisa-records", "kind": "fact", "text": "Spanish registry-derived notices record Winch David Carter as Arisa chair from 17 March 2026, a January 2024 reappointment of PricewaterhouseCoopers Auditores S.L. as auditor, and Arisa’s absorption of Arisa Servicio Tecnico in January 2022.", "qualification": "The preserved name order is “Winch David Carter”; the underlying original BORME notice was not separately retained. These dated governance and merger records do not implicate the named officers or auditor in NDTC’s accounting episode.", "response": "", "outcome": "", "source_ids": [ "s-d256" ], "entity_ids": [ "e56", "e182", "e181", "e183" ] }, { "id": "c-brazil-identity", "kind": "fact", "text": "Brazil’s federal transparency portal identifies Nidec Global Appliance Brasil Ltda., formerly Embraco Industria de Compressores e Solucoes em Refrigeracao Ltda., under CNPJ 29.958.609/0001-50 in Joinville. It lists Nidec Corporation, registered locally as a non-resident entity, among the participants.", "qualification": "The Brazilian registration of the Japanese parent is distinct from the subsidiary’s CNPJ. Branch registration dates are not automatically the incorporation date of the whole business.", "response": "", "outcome": "", "source_ids": [ "s-d49" ], "entity_ids": [ "e1", "e9" ] }, { "id": "c-brazil-managers", "kind": "fact", "text": "The federal portal names Ronny Kein, Gustavo Rudolf Haverroth and Andre Paz Rosa without specifying their capacities. A retained CNPJ database identifies them as administrators, dating Kein’s appointment to February 2023 and the latter two to May 2026.", "qualification": "The commercial page also contains duplicate entries and an undated Ricardo Augusto Bristotti entry absent from the official portal. That discrepancy is not resolved into an asserted current Bristotti mandate. Current appointments do not prove responsibility for the earlier GA rebate episode.", "response": "", "outcome": "", "source_ids": [ "s-d137", "s-d49" ], "entity_ids": [ "e9", "e87", "e88", "e89" ] }, { "id": "c-nmc-eve", "kind": "fact", "text": "Eve Holding’s 2024 prospectus identifies Nidec Motor Corporation as a Delaware corporation controlled by Nidec Corporation. It records NMC’s subscription for five million Eve shares at US$4 each, totalling US$20 million, and a separate warrant to buy one million shares at US$0.01 each.", "qualification": "The warrant is not one million shares already owned. The prospectus says it was not expected to be exercisable within 60 days. Registration of potential resale securities does not prove a resale occurred. NMC’s Missouri business address is not its incorporation jurisdiction.", "response": "", "outcome": "", "source_ids": [ "s-d170" ], "entity_ids": [ "e1", "e8", "e150" ] }, { "id": "c-industrial-leaders", "kind": "fact", "text": "Nidec’s leadership page dated 1 October 2026 names Michael Briggs as NMC president and head of the appliance and automotive division, and Dominique Llonch as chair of both Nidec ASI and Leroy-Somer Holding. Nakagawa and Murakami also hold named holding-company directorships.", "qualification": "These are dated company descriptions, not inferred appointment dates or a conclusion that each person held the same role during earlier accounting events.", "response": "", "outcome": "", "source_ids": [ "s-d303" ], "entity_ids": [ "e1", "e190", "e191", "e8", "e17", "e113", "e5", "e81", "e22", "e154" ] }, { "id": "c-fir-platform", "kind": "fact", "text": "Nidec’s 2015 release says FIR entered the group with the Kinetek acquisition in November 2012 and that Nidec FIR Elettromeccanica acquired E.M.G.’s business in September 2015 as part of its European commercial-motor platform.", "qualification": "The release names FIR Elettromeccanica. The later customs disclosure names FIR INTERNATIONAL; the two legal entities are not treated as identical without a retained identity bridge.", "response": "", "outcome": "", "source_ids": [ "s-d130" ], "entity_ids": [ "e1", "e126", "e127" ] }, { "id": "c-asi-local-figures", "kind": "fact", "text": "A commercial Italian registry-data service reports Nidec ASI revenue of €217.43 million and net profit of €57.65 million for 2025, versus €274.74 million and €38.60 million for 2024.", "qualification": "These are local subsidiary summaries, not Nidec consolidated results or a reconciliation of later group corrections. The underlying full accounts and paid ownership material were not retained. The service’s promotional interpretation of performance is not adopted.", "response": "", "outcome": "", "source_ids": [ "s-d176" ], "entity_ids": [ "e17" ] }, { "id": "c-asian-leadership", "kind": "fact", "text": "Nidec’s October leadership page lists Feng Jing as chair and general manager of Automotive Motor Zhejiang, with directorships at Guangzhou and Jiangsu automotive companies. Older records placing Igarashi in those Chinese chairmanships are historical, not a substitute for the later company disclosure.", "qualification": "The Zhejiang automotive company is separate from Techno Motor Zhejiang. The named capacity is not proof that Feng or another director authorised an anonymous operational decision in the investigation reports.", "response": "", "outcome": "", "source_ids": [ "s-d189", "s-d191", "s-d303" ], "entity_ids": [ "e1", "e7", "e24", "e6036", "e146", "e121" ] }, { "id": "c-thailand-identity", "kind": "fact", "text": "Thailand’s DBD profile identifies Nidec Electronics (Thailand), registration 0105533101569, as an active spindle-motor company established on 24 August 1990. The snapshot is dated 5 October 2026 and lists five directors.", "qualification": "Thai Buddhist-calendar years 2533 and 2569 correspond to 1990 and 2026. The directors’ Thai spellings are preserved where an independent Latin spelling was not established; similarity to a person at another subsidiary does not prove identity.", "response": "", "outcome": "", "source_ids": [ "s-d138" ], "entity_ids": [ "e6", "e132", "e133", "e134", "e135", "e137" ] }, { "id": "c-taiwan-board", "kind": "fact", "text": "Taiwan’s company-register page identifies Yohei Sumikawa as chair of Nidec Chaun-Choung and lists Yuji Tanaka among the directors representing Nidec. Its displayed board term is June 2025–June 2028, subject to the registry’s warning that terms can change.", "qualification": "The 74,514,982-share balance repeated beside several representatives is the represented corporate shareholder’s position, not a separate personal holding for each director. Nidec’s notice dates Tanaka’s directorship there from October 2025.", "response": "", "outcome": "", "source_ids": [ "s-d181", "s-d84" ], "entity_ids": [ "e1", "e12", "e100", "e137" ] }, { "id": "c-taiwan-search", "kind": "attributed", "text": "October 2023 reporting says prosecutors and investigators searched Nidec Chaun-Choung on 5 October; the company said it would cooperate and saw no material financial or business impact.", "qualification": "The retained report does not identify the subject of the search or a later case outcome. It does not establish a connection to the Nidec accounting inquiry.", "response": "", "outcome": "", "source_ids": [ "s-d145" ], "entity_ids": [ "e12" ] }, { "id": "c-taiwan-cyber", "kind": "fact", "text": "In an August 2026 account of Chaun-Choung’s response to a June ransomware incident, the company said external digital forensics found no clear technical evidence of data exfiltration, despite attackers’ publication of folder and file-name screenshots.", "qualification": "The company explicitly did not rule out a leak and said it would continue monitoring. This is not a finding that no data were exposed, nor proof that the incident is identical to an unnamed event in another group document.", "response": "", "outcome": "", "source_ids": [ "s-d166" ], "entity_ids": [ "e12" ] }, { "id": "c-india-registers", "kind": "fact", "text": "Two retained commercial services identify Nidec India under CIN U29100HR2010FTC041709, incorporated on 16 December 2010. The page updated on 5 October 2026 lists Keiji Oshima, Hiroyuki Temba, Masahiro Miura and Shigehiro Tsujimura; an older-data page still lists Kitao and Hatanaka.", "qualification": "The later profile is used as a dated reported roster, not a direct original MCA extract. Absence from it does not establish an exact resignation date. The older page’s displayed accounts end in March 2023, so its “current” label is not adopted without qualification.", "response": "", "outcome": "", "source_ids": [ "s-d219", "s-d267" ], "entity_ids": [ "e25", "e172", "e6042", "e163", "e6043", "e57", "e173" ] }, { "id": "c-india-history", "kind": "fact", "text": "The older Indian profile records former Nidec India directorships ending for Yoshimoto in April 2020, Seki in September 2022, Katayama in September 2021 and Kishida in March 2024. It also lists Oshima at Mobility India and historically at Sanyo businesses.", "qualification": "The later service marks Sanyo BPL dissolved, so an older “ongoing” label is not treated as a current operating mandate. Common directors do not establish ownership between companies.", "response": "", "outcome": "", "source_ids": [ "s-d219", "s-d267" ], "entity_ids": [ "e25", "e102", "e50", "e143", "e44", "e172", "e174", "e175", "e176" ] }, { "id": "c-october-renewal", "kind": "fact", "text": "Nidec announced subsidiary president changes effective 1 October 2026: Takeshi Nishiyama at Techno Motor, Yuji Tanaka at Drive Technology, Katsuhiro Wada at Powertrain Systems and Kenji Hamanaka at Machine Tool. The notices describe a new growth phase and preserve predecessors’ advisory or other roles.", "qualification": "A personnel change is not itself a finding against the predecessor. Nishiyama’s notice places his CFO appointment in June 2026, and Hamanaka’s biography separately records an OKK CTO role from June 2026; those dates are not backdated.", "response": "", "outcome": "", "source_ids": [ "s-d181", "s-d204", "s-d303" ], "entity_ids": [ "e71", "e54", "e20", "e10", "e162", "e137", "e6040", "e138", "e163", "e6041", "e19", "e70", "e167", "e4", "e26", "e74" ] }, { "id": "c-copal-name", "kind": "fact", "text": "The corporate-number history for 9100001006440 identifies former Copal Yamada, renamed Nidec Precision Yamada in April 2023 and Apic Yamada Precision on 31 March 2025.", "qualification": "The change to a name without “Nidec” does not by itself establish a sale or departure from the group.", "response": "", "outcome": "", "source_ids": [ "s-d255" ], "entity_ids": [ "e106" ] }, { "id": "c-derivative-action", "kind": "attributed", "text": "Nidec announced that an individual shareholder filed Kyoto District Court case 2026 (wa) No. 1749 on 9 September 2026 against former directors Shigenobu Nagamori and Hiroshi Kobe. The claimant seeks ¥28,730,558,300 plus late charges for the company, alleging specified 2022–2023 buybacks and a December 2022 dividend exceeded distributable amounts.", "qualification": "The amount is the claimant’s demand, not a damages award. The retained company notice establishes the proceeding and allegation; it supplies no judgment on liability.", "response": "Nidec said it did not expect this action against former directors personally to affect its business performance and would consider its response in light of the responsibility committee’s work.", "outcome": "", "source_ids": [ "s-d20" ], "entity_ids": [ "e1", "e27", "e49", "e6020" ] }, { "id": "c-tokyo-action", "kind": "attributed", "text": "Verybest Law Offices announced a separate Tokyo District Court action on 9 September 2026 for 28 shareholders seeking ¥66,150,966 from Nidec for alleged share-price losses associated with accounting problems.", "qualification": "The firm represents the shareholders, not Nidec. Its notice explicitly distinguishes this securities claim for investors’ own losses from a derivative suit for the company. It is a party’s filing announcement, not a judgment or independent assessment of the claimed loss.", "response": "", "outcome": "", "source_ids": [ "s-d34" ], "entity_ids": [ "e1", "e61", "e6021" ] }, { "id": "c-other-demands", "kind": "attributed", "text": "July and August 2026 reporting described a further demand that Nidec pursue nine current or former officers for at least ¥5 billion, naming Nagamori, Kobe, Kishida, Katayama, Yoshimoto and Seki among the targets.", "qualification": "A demand that the company sue, and a stated plan for a later derivative suit if it refuses, do not establish that such a suit was filed. This demand is not silently identified with either of the two September actions.", "response": "", "outcome": "", "source_ids": [ "s-d163", "s-d95" ], "entity_ids": [ "e1", "e27", "e49", "e44", "e143", "e102", "e50" ] }, { "id": "c-responsibility-investigation", "kind": "fact", "text": "Nidec established an Executive Responsibility Investigation Committee on 13 March 2026 to examine possible legal responsibility of directors, auditors and executive officers serving from FY2020 through the first quarter of FY2025. The September annual filing says that work continued.", "qualification": "The company said it would decide on damages claims or other legal measures after the committee’s recommendations. Establishing the committee does not establish a final legal finding against every person within its remit.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d20" ], "entity_ids": [ "e1", "e6022" ] }, { "id": "c-securities-regulator", "kind": "attributed", "text": "Retained May and June 2026 press accounts, citing sources, report a Securities and Exchange Surveillance Commission inquiry and a document-production order concerning possible false annual-report disclosures.", "qualification": "The accounts discuss a possible recommendation for an administrative monetary penalty; one says a criminal referral could be considered if the conduct were judged serious. No issued financial penalty or filed criminal charge is established by these reports. This is separate from the Tokyo Stock Exchange’s actual listing-agreement penalty.", "response": "", "outcome": "", "source_ids": [ "s-d221", "s-d65", "s-d99" ], "entity_ids": [ "e1" ] }, { "id": "c-us-lawyer-solicitation", "kind": "fact", "text": "A 17 February 2026 Rosen Law Firm notice announced investigation of potential Nidec securities claims and preparation of a prospective class action.", "qualification": "This is a lawyer’s solicitation and statement of intention. It does not prove a US class action was filed, a class certified, or liability determined.", "response": "", "outcome": "", "source_ids": [ "s-d136" ], "entity_ids": [ "e1", "e130" ] }, { "id": "c-itc-outcome", "kind": "fact", "text": "In USITC investigation 337-TA-1073, Intellectual Ventures II accused Nidec Corporation and Nidec Automotive Motor Americas, among other respondents, of patent-related violations. The Nidec respondents were terminated from the investigation in 2018. The Commission ended the remaining investigation in July 2019 with no Section 337 violation because the complainant failed the domestic-industry requirement.", "qualification": "The Commission expressly took no position on the other reviewed issues. This procedural history is not a blanket merits finding that every accused product was non-infringing, and the later decision concerned respondents remaining after Nidec’s departure. It is unrelated to the accounting investigation.", "response": "", "outcome": "", "source_ids": [ "s-d174" ], "entity_ids": [ "e1", "e72", "e156", "e6023" ] }, { "id": "c-secop-settlement", "kind": "fact", "text": "Nidec’s FY2022 annual report says it sold Secop to the ESSVP IV buyer group on 9 September 2019 as a condition of the Embraco acquisition. A sale-price dispute led to German arbitration in January 2021 and settlement in March 2023, ending that arbitration.", "qualification": "The company had lost effective control on 12 April 2019 before the later share transfer. Settlement terms are not supplied here; some sale costs were still expected. The disclosure does not connect this commercial dispute with the later accounting misconduct.", "response": "", "outcome": "", "source_ids": [ "s-d299" ], "entity_ids": [ "e1", "e188" ] }, { "id": "c-march-restatement", "kind": "fact", "text": "Nidec’s September results presentation puts the reduction in consolidated net assets at 31 March 2025 at ¥476.9 billion: approximately ¥208.0 billion of accounting corrections and ¥288.0 billion of secondary impairment effects.", "qualification": "This March year-end comparison is not the committee’s ¥160.7 billion first-quarter estimate or the later ¥482.457 billion second-quarter comparison in the annual filing. Different dates and the inclusion of secondary effects prevent those totals from being added together.", "response": "", "outcome": "", "source_ids": [ "s-d28" ], "entity_ids": [ "e1" ] }, { "id": "c-parent-restatement", "kind": "fact", "text": "The separate parent-company accounts restate March 2025 net assets from ¥339.045 billion to ¥202.984 billion and that year’s net profit from ¥55.171 billion to ¥48.888 billion. An additional ¥129.778 billion cumulative correction is recorded against opening retained earnings for periods before the comparative year.", "qualification": "These parent-only Japanese-GAAP figures are distinct from consolidated IFRS measures. The opening retained-earnings adjustment is part of the restatement mechanics, not another loss to add to the ending net-asset reduction.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "c-liquidity", "kind": "fact", "text": "At 31 March 2026 the consolidated annual filing reports ¥852.204 billion of cash and cash equivalents, ¥587.026 billion of short-term borrowings, ¥95.106 billion of long-term debt due within one year and ¥431.272 billion of long-term debt. Short-term borrowings rose by ¥493.316 billion during the year.", "qualification": "Cash is a balance, not proof that the accounting losses were reversed. About 48% was held outside Japan; the company describes some cross-border remittance restrictions but says they had no material effect on liquidity, financial position or results. These reported figures remain subject to the audit disclaimer.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "c-parent-guarantees", "kind": "fact", "text": "The parent’s March 2026 contingent-liability note reports guarantees for named subsidiaries, including ¥20.584 billion for Nidec PSA eMotors, ¥1.891 billion for the Serbian electric-motor company, ¥1.183 billion for Elesys Europe and ¥870 million for GPM Hungary.", "qualification": "These are reported guarantees of subsidiary obligations, not amounts paid, separate misconduct findings or additional losses to aggregate with impairment. The note also lists five smaller guaranteed balances.", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e23", "e169", "e69", "e6047", "e154", "e6034", "e6052", "e6053", "e6054" ] }, { "id": "c-earlier-investigation", "kind": "attributed", "text": "The 2019 outside-law-firm investigation described in the committee report identified eleven problematic accounting instances in the US businesses of ACIM and AMEC and at headquarters. They included US$17 million of inventory and doubtful-account reserve reversals, US$4.2 million of bonus-reserve reversals, US$14 million of litigation and warranty reserve reversals, and US$4.3 million of prematurely recognised tariff-related sales.", "qualification": "Other items were stated as possible misconduct, and local managers refused some requests. An initial internal review had characterised one adjustment as error; a participant later told the committee there had been a desire to avoid a finding that would delay closing. The committee said the outside inquiry’s scope was discussed with Nidec and was not completely independent.", "response": "The earlier inquiry mentioned suspected involvement by then-president Yoshimoto. He later acknowledged instructing reserve reversals but said he understood them as permissible aggressive accounting and did not recognise the expense deferrals as improper. The committee found no objective evidence disproving that account. The 2026 committee’s later, broader assessment found no facts showing that Yoshimoto instructed, directed or condoned the misconduct it uncovered; that differentiated conclusion is retained.", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e73", "e102" ] }, { "id": "c-covert-special-audits", "kind": "attributed", "text": "The committee describes a parallel special-audit system run by an anonymous employee, “Mr. A”, under Nagamori’s direction. Nagamori told investigators he wanted misconduct corrected without public escalation and feared that normal internal-audit channels would pass the information to PwC Kyoto.", "qualification": "The committee was unable to interview Mr. A because he did not respond. The anonymous role is not assigned to a person from later officer lists. Nagamori’s explanation included giving remorseful employees a second chance; his July 2018 email also called for an immediate audit of reported manipulative accounting.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27", "e49" ] }, { "id": "c-warnings-reached-auditor", "kind": "attributed", "text": "The report also records that selected warnings did reach PwC Kyoto during the 2019 inquiry. Shared emails included a December 2018 asset-revitalisation update identifying ¥13.72 billion of additional problematic assets, and a Copal special-audit report describing approximately ¥11.35 billion at March 2018 and a planned amortisation process intended to avoid external leaks.", "qualification": "These historical internal schedules are not additional final group losses. Evidence that selected documents were shared does not show that the auditor had every relevant record or establish its legal liability; the 2026 committee did not review the audit working papers.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e2", "e18" ] }, { "id": "c-unimplemented-2019-remedies", "kind": "attributed", "text": "After the 2019 inquiry Nidec issued accounting notices and Nagamori circulated a message prioritising legitimate accounting even when targets were missed. The committee nevertheless found that specific recommendations to moderate target pressure were not implemented. A proposed subsidiary CFO reporting structure also failed to materialise; the responsible former officer cited insufficient personnel.", "qualification": "The existence of formal policies and the committee’s criticism of implementation are both material. Later repeated misconduct is not treated as proof that every employee ignored the policies.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27" ] }, { "id": "c-oversight-information", "kind": "attributed", "text": "The committee said internal audit and legal/compliance avoided confronting headquarters’ performance pressure. Some full-time oversight members understood the underlying problem but did not raise it with the board. Outside oversight members received superficial accounts and said they did not understand the accumulated “legacy liabilities” or the real purpose of the structural reforms.", "qualification": "These are findings about information flows and oversight functions. The anonymous criticisms are not assigned to individual directors merely because their office dates overlap. The report also recognised the internal-audit staff’s expertise and depth of document review.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1" ] }, { "id": "c-internal-audit-remedy", "kind": "attributed", "text": "The committee describes Nidec’s plan to give the audit-and-supervisory committee regular internal-audit reports and prior approval over the internal-audit head’s appointment or transfer, while increasing accounting-audit staff from twelve to around twenty to thirty.", "qualification": "The report regarded the company’s diagnosis as broadly consistent with its own and acknowledged the depth of some prior investigations. These planned changes are not evidence that the later audit-evidence and control problems had already been resolved.", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1" ] }, { "id": "c-historical-auditor-mandates", "kind": "fact", "text": "The 2023 annual filing records Murakami as statutory auditor of seven named subsidiaries and Ochiai of seven others, including entities later renamed or merged. Their parent audit-and-supervisory committee seats and their subsidiary statutory-auditor capacities are separate mandates.", "qualification": "The graph preserves the filing’s dated appointments as historical snapshots. It does not extend those positions indefinitely or identify these officers as the anonymous people criticised in the investigation.", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d299" ], "entity_ids": [ "e1", "e81", "e78", "e71", "e54", "e52", "e77", "e112", "e10", "e26", "e11", "e21", "e18", "e105", "e19", "e20", "e66" ] }, { "id": "c-historical-board-sequence", "kind": "fact", "text": "Historical filings record Takeshi Nakane’s audit-and-supervisory committee directorship ending on 12 October 2022, Junko Watanabe succeeding him the next day, and Tamame Akamatsu leaving on 20 June 2023 when Hiroe Toyoshima joined. Watanabe’s committee directorship ended on 18 June 2024.", "qualification": "Appointment dates, committee membership and attendance periods differ. They are not converted into a common tenure or a collective allegation of misconduct.", "response": "", "outcome": "", "source_ids": [ "s-d299", "s-d46" ], "entity_ids": [ "e1", "e98", "e84", "e99", "e82" ] }, { "id": "c-executive-subsidiary-history", "kind": "fact", "text": "The historical annual tables show several executives holding subsidiary chairmanships alongside parent offices: Nagamori at Shimpo, Mobility and Techno Motor; Seki at Nidec India and Tosok; Kishida at Powertrain, Elesys and Mobility; and Kobe at Techno Motor and Global Service.", "qualification": "The graph uses each table’s stated appointment and snapshot, not an invented continuous term. Tosok became Powertrain; Shimpo became Drive Technology. Elesys’s later absorption into Mobility is separately dated. These positions do not establish responsibility for an episode described anonymously.", "response": "", "outcome": "", "source_ids": [ "s-d46", "s-d47" ], "entity_ids": [ "e1", "e27", "e50", "e44", "e49", "e54", "e19", "e71", "e25", "e20", "e66", "e77", "e76" ] }, { "id": "c-parent-name-merger", "kind": "fact", "text": "The corporate-number record preserves the parent’s change from Nihon Densan to Nidec in April 2023 and its absorption of Nidec ASI Japan Corporation, corporate number 4010701027642, effective 1 April 2023.", "qualification": "The absorbed Japanese company is distinct from the Italian Nidec ASI entity. The record’s corporate-number assignment date is not the parent’s incorporation date.", "response": "", "outcome": "", "source_ids": [ "s-d7" ], "entity_ids": [ "e1", "e3" ] }, { "id": "c-surucu-other-mandates", "kind": "fact", "text": "A retained commercial registry profile lists Tuna Sürücü as managing director of NMA Property Verwaltungsgesellschaft mbH and Nidec driveXpert GmbH, alongside the three German operating companies discussed here.", "qualification": "The profile is an aggregator’s current-status snapshot, not a dated appointment instrument. It establishes a reported corporate capacity, not responsibility for accounting misconduct or beneficial ownership.", "response": "", "outcome": "", "source_ids": [ "s-d308" ], "entity_ids": [ "e119", "e177", "e125", "e13", "e14", "e157" ] }, { "id": "c-historical-parent-offices", "kind": "fact", "text": "The annual tables distinguish Seki’s president/COO appointment in April 2020, CEO appointment in June 2021 and return to COO in April 2022 from Kobe’s September 2022 president/COO appointment and April 2024 board chairmanship. Kishida became president/CEO in April 2024 and representative director that June.", "qualification": "These are dated historical capacities. The later resignations and the committee’s differentiated responsibility findings are recorded separately; the position itself is not proof of misconduct.", "response": "", "outcome": "", "source_ids": [ "s-d46", "s-d47" ], "entity_ids": [ "e1", "e50", "e49", "e44" ] }, { "id": "c-nakane-affiliation", "kind": "fact", "text": "Nidec’s 2022 filing lists outside director Takeshi Nakane’s March 2018 appointment to the board of Kyoto Gakuen, later Nagamori Gakuen. The same filing lists Nagamori as chairman of that educational corporation.", "qualification": "The affiliation is a historical institutional connection, not a finding of compromised independence or accounting responsibility.", "response": "The company stated that it had no special relationship of interest with Nakane or the institutions to which he belonged and described its outside-director selection as intended to preserve independence.", "outcome": "", "source_ids": [ "s-d47" ], "entity_ids": [ "e1", "e98", "e76", "e27" ] }, { "id": "display-claim-6b45041f8e1393d83c136b2f", "kind": "analysis", "text": "The dossier separates the parent from its subsidiaries, dated ownership from operating responsibility, and investigative findings from legal outcomes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11", "s-d18", "s-d4", "s-d14", "s-d31", "s-d55" ], "entity_ids": [ "e1", "e27", "e6001", "e2", "e49", "e44", "e102", "e50", "e51", "e4", "e5", "e52", "e30" ] }, { "id": "display-claim-2559e271828bb6002d2ce93c", "kind": "analysis", "text": "Nidec grew from a Kyoto motor company into an international group with hundreds of subsidiaries. That scale explains the need to separate legal entities and operating divisions: a company appearing in the network is not automatically a site of misconduct, and an officer’s title does not establish participation in a particular adjustment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e27" ] }, { "id": "display-claim-7ae797d0105d325f53b0d393", "kind": "analysis", "text": "The accounting committee’s February report and April supplement describe a system of unrealistic targets, delayed write-offs and weak restraints on management. Its investigation used interviews, forensic work and company self-inspections, but depended on voluntary cooperation and did not exercise a court’s compulsory powers. Its findings are substantial evidence, with stated limitations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18" ], "entity_ids": [ "e1", "e6001", "e27" ] }, { "id": "display-claim-4e8c5abb4204e496a8fc18de", "kind": "analysis", "text": "The April cumulative correction of ¥160.7 billion and the later, wider September figure of ¥482.457 billion refer to different scopes and reference periods. A third number, ¥449.8 billion, is a gross reference measure rather than an additional net loss. Reading these figures as a single accumulating total would exaggerate what the records say.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18", "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-a63b8865f1a1f2b60f096bf2", "kind": "analysis", "text": "Even after the corrections, PwC declined to express the required annual audit opinions. It cited incomplete personnel remediation, questions about the reliability of evidence and unresolved impairment estimates. That leaves meaningful uncertainty: the corrected figures are company-reported results accompanied by a disclaimer, rather than results certified without qualification.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d4", "s-d10" ], "entity_ids": [ "e1", "e2" ] }, { "id": "display-claim-cf345a3ae9f478568770b9ba", "kind": "analysis", "text": "The committee’s conclusions about Nagamori, Kobe and three successive presidents were different. The later resignation of Kishida arose from a further board review under a stated higher ethical standard; the public announcement did not disclose the incidents or turn the earlier committee findings into a judicial verdict. Kaida’s executive appointment was immediate, while his representative-director appointment still required approvals.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d14", "s-d10" ], "entity_ids": [ "e1", "e27", "e49", "e44", "e102", "e50", "e51", "e4", "e5", "e52" ] }, { "id": "display-claim-b1e5780dcb9260f8d1f008e8", "kind": "analysis", "text": "The exchange imposed a listing-agreement penalty and had placed Nidec on special alert. Neither action, by itself, establishes criminal liability or completed delisting. The following pages keep investigative findings, financial consequences, corporate capacities and procedural outcomes separate.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d31", "s-d55", "s-d10" ], "entity_ids": [ "e1", "e30" ] }, { "id": "display-claim-5bea5bb43db5af0b6651b29a", "kind": "analysis", "text": "The provisional February estimate was superseded in April: the final supplement put the cumulative negative net-asset effect at ¥160.7 billion through the first quarter of FY2025. It combined intentional misconduct and errors where separating them reliably was difficult, and excluded specified derivative tax, goodwill and impairment effects. This is the relevant scope of that number.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-c4c4d5ec09045cfe645eaf85", "kind": "analysis", "text": "The ¥449.8 billion gross figure is a different reference calculation, assembled from correcting entries under explicit assumptions. Reversals and repeated effects across years are handled differently. It is not an official accounting measure, and adding it to the net figure as another loss would count overlapping consequences.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-3bb6a96b9ceb9ebd981151ae", "kind": "analysis", "text": "The September filing reports a wider ¥482.457 billion cumulative net-asset reduction measured at the second quarter of FY2025. For March 2025 comparatives, operating profit falls from ¥237.837 billion to ¥128.222 billion, while owner-attributable profit falls from ¥164.159 billion to ¥84.672 billion. The opening retained-earnings adjustment concerns earlier periods and overlaps with the later balance-sheet effects.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-c867fbaf41131e2f79d2ffbb", "kind": "analysis", "text": "The scale of the subsequent loss is also substantial: for the year ended March 2026 the group reports ¥2,708.705 billion revenue and a ¥564.624 billion owner-attributable loss. The parent-only ¥18.976 billion of net assets is not the equity of the whole consolidated group, whose reported owner-attributable equity is ¥794.164 billion. The reporting perimeter must remain attached to each figure.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d4" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-0d6b80f5a5e2df2d23707e07", "kind": "analysis", "text": "Impairment is roughly ¥632.2 billion in the retained texts, which differ slightly in their precise totals. PwC’s problem was more consequential than that small textual difference: it lacked sufficient evidence for some amounts and their allocation between periods, including whether restated forecasts improperly used hindsight. The dossier preserves that uncertainty rather than treating the latest estimates as definitively audited.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d4" ], "entity_ids": [ "e1", "e2" ] }, { "id": "display-claim-0fd41225e913369be2c70380", "kind": "analysis", "text": "The company also disclosed that specified historical dividends and buybacks exceeded the distributable amount after the accounting corrections. It warned that regulatory investigation or a monetary penalty might follow, without announcing that such a penalty had already been imposed. Those consequences require their own dates and legal process.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-c9cd26a584077a5761d798fc", "kind": "analysis", "text": "Nidec’s September results presentation puts the reduction in consolidated net assets at 31 March 2025 at ¥476.9 billion: approximately ¥208.0 billion of accounting corrections and ¥288.0 billion of secondary impairment effects. This March year-end comparison is not the committee’s ¥160.7 billion first-quarter estimate or the later ¥482.457 billion second-quarter comparison in the annual filing. Different dates and the inclusion of secondary effects prevent those totals from being added together.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d28" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-de3a32bfdcdf973ad520966b", "kind": "analysis", "text": "The separate parent-company accounts restate March 2025 net assets from ¥339.045 billion to ¥202.984 billion and that year’s net profit from ¥55.171 billion to ¥48.888 billion. An additional ¥129.778 billion cumulative correction is recorded against opening retained earnings for periods before the comparative year. These parent-only Japanese-GAAP figures are distinct from consolidated IFRS measures. The opening retained-earnings adjustment is part of the restatement mechanics, not another loss to add to the ending net-asset reduction.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-62282f3ac6855837235a2f5e", "kind": "analysis", "text": "At 31 March 2026 the consolidated annual filing reports ¥852.204 billion of cash and cash equivalents, ¥587.026 billion of short-term borrowings, ¥95.106 billion of long-term debt due within one year and ¥431.272 billion of long-term debt. Short-term borrowings rose by ¥493.316 billion during the year. Cash is a balance, not proof that the accounting losses were reversed. About 48% was held outside Japan; the company describes some cross-border remittance restrictions but says they had no material effect on liquidity, financial position or results. These reported figures remain subject to the audit disclaimer.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-02b313e8ff1cb33ddd197e79", "kind": "analysis", "text": "The committee described targets that exceeded operating capability and pressure transmitted from the founder through headquarters to business units. Accounting departments sometimes helped obtain the required numbers rather than restraining improper treatment. The report also recognised that legitimate accounting judgment exists; it did not describe every estimate as misconduct.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27" ] }, { "id": "display-claim-cd8fc5dbe398367fb74cc29a", "kind": "analysis", "text": "Its account of “legacy liabilities” concerns assets of questionable value. Requiring businesses to absorb write-offs while meeting profit targets postponed correction. The committee said Kishida sought structural reform without charging business-unit performance, Nagamori rejected that approach, and some necessary write-offs remained unrecorded without Kishida knowing that result.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27", "e44" ] }, { "id": "display-claim-408d07e19f600eca7b49e321", "kind": "analysis", "text": "For Nagamori, the committee found no direct instruction to perform the identified accounting misconduct, but concluded that he knew of and accepted delayed correction and bore the greatest responsibility for the system. For Kobe, it lacked evidence of specific knowledge of particular misconduct yet inferred general awareness and toleration of planned correction. These are differentiated investigative judgments, not criminal verdicts.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27", "e49" ] }, { "id": "display-claim-2b470b3bb435c3cb9c50af6a", "kind": "analysis", "text": "For Kishida, Yoshimoto and Seki, the committee found no facts showing instruction, direction or toleration of the misconduct it uncovered. Outside officers said the reporting they received had not exposed the fundamental pressure problem or accumulated problematic assets. Those limits belong beside the criticism, while remaining bounded by the investigation’s evidence and access.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18" ], "entity_ids": [ "e1", "e44", "e102", "e50", "e6001" ] }, { "id": "display-claim-28b279504bb7d0179cc7647f", "kind": "analysis", "text": "In September Nidec announced a further review of Kishida’s financial-reporting conduct. The release referred to statements or actions that were not necessarily appropriate, credited his work on rebuilding the company, and said the board expected a higher ethical standard. It did not disclose the incidents. His resignation therefore should not be described as a court finding or a reversal of every earlier committee conclusion.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d14" ], "entity_ids": [ "e1", "e44" ] }, { "id": "display-claim-e6e9f3ff5d1b2206937591b3", "kind": "analysis", "text": "Kaida became president and CEO while retaining his CTO role on 29 September. Minai became representative director. The proposed appointment of Kaida as representative director still required shareholder and board approval, while the September annual filing identified Nakagawa as acting CFO. Combining these positions into a single undated leadership roster would misstate the transition.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d14" ], "entity_ids": [ "e1", "e51", "e4", "e5", "e52" ] }, { "id": "display-claim-93b733e0e673b017abcf5352", "kind": "analysis", "text": "The September announcement reports annual-account and internal-control disclaimers and no quarterly-review conclusion. PwC pointed to people involved in the accounting problems or false explanations still occupying financial-reporting roles, incomplete remediation and uncertainty about the completeness of corrections. It also questioned evidence supporting impairment estimates and prior-period comparisons.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d4", "s-d10" ], "entity_ids": [ "e1", "e2" ] }, { "id": "display-claim-25f8b3053d8c2c7f0f729670", "kind": "analysis", "text": "A disclaimer neither validates the accounts nor proves every number false. It means the auditor could not obtain the basis required for an opinion. Nidec said it would take appropriate action and apologised, but that statement is not proof the underlying evidence and control problems had already been resolved.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d4" ], "entity_ids": [ "e1", "e2" ] }, { "id": "display-claim-8f1b3b698cff4863b430ef21", "kind": "analysis", "text": "The committee found that internal investigators avoided confronting headquarters pressure and described edited interview minutes and selectively narrowed forensic material. Its account identifies both auditor comments and the internal department’s subsequent changes. PwC replied that it sought to resolve inconsistencies between interview accounts and daily calls under time constraints, and had requested digital forensics.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d91" ], "entity_ids": [ "e1", "e2", "e105" ] }, { "id": "display-claim-31766aab78ff04156c685680", "kind": "analysis", "text": "The committee did not examine audit workpapers or interview engagement partners and expressly did not evaluate the auditor. PwC’s separate public response said it had answered all committee questions and would not discuss individual engagements. Those evidentiary limits and responses remain alongside the criticism; the historical PwC Kyoto and later PwC Japan firms also need their own periods.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d18", "s-d91" ], "entity_ids": [ "e1", "e6001", "e2", "e105" ] }, { "id": "display-claim-fdc1778f93c6fc17fe8f5f53", "kind": "analysis", "text": "The Brazilian investigation produced a separate fee dispute: the committee describes an audit-fee reduction equal to half the external forensic costs following Nagamori’s instruction. PwC described this as part of negotiating total group audit remuneration. The relevant audit report preceded the negotiation, so the episode should not be turned into an unsupported claim that an opinion was purchased.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d91" ], "entity_ids": [ "e1", "e2", "e27", "e9", "e6004" ] }, { "id": "display-claim-36fa6faf4ca037f8ead95261", "kind": "analysis", "text": "Tokyo Stock Exchange placed Nidec on special alert from October 2025, then required a ¥91.2 million listing-agreement penalty in April 2026. It cited prolonged weaknesses in management and monitoring, including the failure of internal functions to challenge pressure. This is an exchange measure with its own basis, separate from an unissued government penalty, criminal case or future listing review.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d31", "s-d55" ], "entity_ids": [ "e1", "e30" ] }, { "id": "display-claim-88e7c0b893dafb6280d551b0", "kind": "analysis", "text": "At Nidec Precision, the committee traced problematic assets back to failed customer projects and unsubstantiated costs. Much of the specialised equipment remained idle, yet it was depreciated instead of impaired. Some equipment was repurposed, and later residual balances are smaller than the original exposure; those facts prevent an inflated sum of every historic number.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e18", "e27" ] }, { "id": "display-claim-cb15c5d586250d51cb30d099", "kind": "analysis", "text": "The ¥580 million service-revenue episode rested on a supposed technical-support arrangement that the committee could not substantiate. The contractor initially objected, and the executed documents included a supplemental agreement negating payment claims. The committee says that supplement was withheld from the auditor while consideration was added to the document submitted as accounting support. Internal legal objections were also not accepted.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e18", "e2" ] }, { "id": "display-claim-4403b0cb136fefcf36762cfb", "kind": "analysis", "text": "Later practices capitalised labour and represented existing or purchased moulds as newly made or processed assets. The report describes hidden old moulds and falsified work records. Yet the president’s approval signature was not treated as proof he understood the scheme: his denial of detailed knowledge was not contradicted by testimony or objective evidence sufficient for that finding.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e18", "e2" ] }, { "id": "display-claim-21536538e4879ce3e2d988d4", "kind": "analysis", "text": "NDTC’s inventory-cost case involved extending expense recognition from six months to twelve and then twenty-four months to help reach targets. The committee rejected the accounting basis and identified ¥1.105 billion still carried at the first quarter of FY2025. It also recorded a manager’s lack of recollection of earlier reporting and explained why it preferred the consistent accounts of the finance staff.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e54" ] }, { "id": "display-claim-70cebb4dab1dcc8d5229a0f1", "kind": "analysis", "text": "The press-sales case concerned consolidation adjustments across Minster and Arisa. Transactions already recognised elsewhere were included again, duplicating group sales. The 2024 disclosure called it an error; the April 2026 supplement concluded the adjustments were intentional. It also said the amounts had already been corrected and needed no further change on this point.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d18" ], "entity_ids": [ "e1", "e54", "e55", "e56" ] }, { "id": "display-claim-9cd153989e9997c6dab539a9", "kind": "analysis", "text": "Minster and Arisa belonged to the NDTC operating group without direct capital ties to NDTC. Their workflow explains the consolidation issue, but it does not establish a direct ownership chain or wrongdoing by every employee of either company. The graph records that operating capacity explicitly.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d18" ], "entity_ids": [ "e1", "e54", "e55", "e56" ] }, { "id": "display-claim-4d9d55629038172147759dba", "kind": "analysis", "text": "The country-X factory grant was worth approximately ¥1.25 billion. The committee concluded it related to assets and should not have been recognised in full as March 2022 revenue. A later supplementary notice was backdated, while a consent letter preserving the original investment agreement was not disclosed to the auditor. The country and local actors remain anonymised here as in the report.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e2", "e27", "e50", "e6002", "e6003" ] }, { "id": "display-claim-e7e265c776cd0377a9709a24", "kind": "analysis", "text": "PwC said it took over the grant procedures after the local auditor requested exclusion and relied on headquarters’ information. It said it had not known about the consent letter and that the letter would have contradicted the explanation it accepted. A headquarters executive denied deliberately withholding it from full-time auditors; the committee rejected that account based on the documents and edited email. The source’s competing accounts remain visible.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e2", "e27", "e50", "e6002", "e6003" ] }, { "id": "display-claim-33ff4f144a39f6d3c0e5bccc", "kind": "analysis", "text": "At Techno Motor Zhejiang, suppliers advanced “cooperation funds” on the understanding they would be repaid through later purchase prices. The committee said the company nevertheless reduced costs, overstating profit. Another episode created agreements and rescission agreements together, then sent accounting staff only the documents that appeared to support a gain. Genuine non-repayable discounts are a different case.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e70", "e71", "e49" ] }, { "id": "display-claim-02b3009969cd6553c4c892a3", "kind": "analysis", "text": "The Global Appliance business used additional customer invoices accompanied by promises of future offsets or rebates. The committee’s US$22.5 million total includes the US$3.9 million price-reduction component and US$18.6 million rebate component. Even an acknowledged invoice or temporary receipt did not remove the refund promise. An earlier internal investigation had not found those promises and therefore missed this issue.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e6004", "e9" ] }, { "id": "display-claim-df114b21c50d8d9814fd23db", "kind": "analysis", "text": "GPM Hungary booked a €4.9 million provision for a conditional grant it might have to repay. The committee says headquarters reversed that provision in consolidated adjustments to offset part of a separate German development-cost impairment. It criticised the reversal, not the lawfulness of receiving the grant or an already established Hungarian repayment order.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e69", "e13" ] }, { "id": "display-claim-f53cbb0dd98f8bf2ab929c6a", "kind": "analysis", "text": "The German GPM case also shows why responsibility needs qualification. The CEO described intense performance pressure; the business-unit deputy CFO denied directing improper accounting and the earlier investigation found no evidence of such instructions. The later committee pointed to internal emails resisting a broader control explanation. A registry officer list cannot identify the report’s anonymous participants or settle that dispute.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e13" ] }, { "id": "display-claim-35543ce629f064c465f89350", "kind": "analysis", "text": "Nidec Instruments continued carrying an unused company residence while negotiating a sale and trying to meet performance targets. The committee said a ¥414 million impairment recorded in FY2024 belonged in FY2020, when the final residents left and future use ended. A decision to sell is distinct from evidence that the sale completed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e11", "e27" ] }, { "id": "display-claim-6a5ce578094e05725eb853c8", "kind": "analysis", "text": "For OKK and its Ohtoyo and US subsidiaries, the committee identified ¥2.437 billion of inventory write-downs needed by June 2025. The amounts relate to different legal entities but sum to that one total. The committee linked delay to self-funding requirements, while retaining the headquarters executive’s answer that any instruction assumed proper accounting. A system change limited reconstruction of the full earlier inventory history.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e26", "e67", "e68" ] }, { "id": "display-claim-745fbf567842409cf842e126", "kind": "analysis", "text": "Nidec acquired 86.14% of Takisawa in November 2023 and the remainder in February 2024. The committee says land owned by the Taiwanese subsidiary was excluded from purchase-price allocation to avoid recognising a ¥3.34 billion bargain-purchase gain for the earlier period. The land valuation uplift and resulting net gain are different measures.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e74", "e75" ] }, { "id": "display-claim-de1c11f648fd18452ce1e896", "kind": "analysis", "text": "The CFO said he believed the option presented by accounting specialists was permissible. The committee rejected the arbitrary exclusion and recorded concern that revising the previous year upward would raise the benchmark for a new record result. This example matters because the accounting problem was not simply hiding losses: management’s preferred performance narrative could also discourage recognition of a gain.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e74", "e75" ] }, { "id": "display-claim-f58ab69066ae46a70ea4c4e3", "kind": "analysis", "text": "The NAMA receivables account concerns a US selling company and Mexican manufacturing operations that were often treated as one operating unit. The August 2024 inspection identified US$32.1 million overdue, of which US$16.3 million was considered uncollectible. Later narrowing of structural reforms left required provision deferred. Kishida acknowledged awareness of the problem but said he relied on accounting specialists and had not anticipated omission of necessary corrections; he also acknowledged that closer scrutiny was warranted.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e72", "e73", "e6005", "e44", "e49", "e27" ] }, { "id": "display-claim-699e42af5c2cd2e22651083d", "kind": "analysis", "text": "The traction-motor case depended on the sales assumptions used to test asset value. The committee found that uncertain or lost projects were included and adverse information was not shared with the auditor. Its estimate of impairment required for FY2024 differs from the amount later booked in the first quarter of FY2025; the figures are period-specific, not cumulative amounts to add.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e24", "e2" ] }, { "id": "display-claim-c32c91c42a8e2c1b47d03780", "kind": "analysis", "text": "For the inverter business, the committee says an agreed product cancellation was not disclosed to PwC and an older two-product plan supported the impairment test. It estimated earlier impairment and contract-loss provision at about ¥21 billion and ¥43 billion, compared with later booked amounts of ¥24.3 billion and ¥35.9 billion. Further investment and costs incurred between the dates explain why the categories and periods must stay attached.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e66", "e19", "e2" ] }, { "id": "display-claim-6d6a6a3b35a71864e4c4c1a1", "kind": "analysis", "text": "The business moved through the April 2025 Elesys–Mobility merger and the May transfer of the inverter business to Nidec. A September 2026 contract amendment then shortened obligations, but the annual filing said the related provision reductions and potential supplier claims were still being assessed. That later development does not establish that all earlier losses disappeared.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e66", "e19", "e2" ] }, { "id": "display-claim-ff5029b4e32b21379bee9009", "kind": "analysis", "text": "The supplier’s original US$465.3 million demand against PSA eMotors was not the eventual settlement amount. The committee records a €137 million agreement and an actual €116 million payment after price adjustments, followed by a ¥19.001 billion booked liability. Currency, demand, settlement and accounting measurement are different concepts.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e23", "e113" ] }, { "id": "display-claim-77d9224bdd1acba0a65b3af0", "kind": "analysis", "text": "The committee expressly did not classify this dispute as improper accounting. It accepted that estimating a provision before settlement was difficult, but criticised the missing contingent-liability note and the failure to escalate the dispute through reporting packages. Keeping that distinction prevents a settled commercial disagreement from being relabelled as another established fraud.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e23", "e113" ] }, { "id": "display-claim-32f99f5d20a47690e3ebd83a", "kind": "analysis", "text": "The quality committee’s September 2026 report identified 844 quality cases across 12 business units: 60 classified as important and 784 as general. It separately identified six origin-labelling or customs-related cases. These are investigated cases under the report’s definitions, not a count of defective products, injured customers or legal convictions. Earlier totals of suspected cases used different screening, duplication and inclusion rules.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6006" ] }, { "id": "display-claim-e6130c0eebf59d663a71f64c", "kind": "analysis", "text": "Of the 844 quality cases, 805 involved changes to people, machines, materials or methods without required approval; 22 involved fabricated or altered test results, 11 altered test conditions, four unauthorised products and two improper records. Nidec Instruments, Mobility and Techno Motor accounted for 767 cases, or 90.9%. Case counts do not rank safety consequences. “Important” includes specified involvement, legal, certification and technical-risk criteria; “general” does not mean harmless or fully resolved. The committee did not independently validate site assessments of safety or recall risk.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e11", "e19", "e71" ] }, { "id": "display-claim-2791ffa09502eb979aac81c4", "kind": "analysis", "text": "The committee used interviews, document work and supplementary surveys, including 89,973 responses from 97,663 targeted personnel. It did not independently repeat every company-led investigation, verify every exclusion or capture all potential quality problems. This was a voluntary, time-limited investigation. Some people did not respond or supplied only written replies; unresolved fact-finding was left for further work. The committee’s conclusions do not bind a court or regulator.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6006" ] }, { "id": "display-claim-fc1a02894f0d61dfb906e9cc", "kind": "analysis", "text": "An unnamed SPMS factory relaxed acceptance criteria without customer approval and rewrote measured inspection values to fit customer specifications. The report dates the practice from around July 2018 until around May 2026; a 2020 internal rule allowed approved changes to customer-facing data. The company had sought looser specifications, but the customer did not approve them. Managers then pursued process improvements without informing the customer; the committee found that this did not eliminate the unresolved items. The factory conducted performance checks before shipment. That does not establish compliance with the customer’s agreed specifications. The public report anonymises the company, factory, customer and individual actors.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6007" ] }, { "id": "display-claim-332a2e3a02fee57efe3b8e85", "kind": "analysis", "text": "An unnamed AMEC Organic factory repeatedly reworked automotive motor parts without required customer approval to reduce scrap and costs. Some practices dated to at least around 2012 and all had stopped by 19 February 2026. The report found inadequate risk assessment, records and traceability, but no identified market failure attributable to the practice by its reporting date. Available records did not identify the decision-maker, approver or highest manager aware before discovery.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e6008" ] }, { "id": "display-claim-aebe6cce27a69e2365378d56", "kind": "analysis", "text": "An overseas Nidec Mobility plant used 15% recycled resin in one part number for which the customer prohibited it, from around August 2020 to September 2025. It stopped after internal discovery but did not notify the customer until May 2026. The plant judged the risk low because its tests found no problem and no warranty problem had been reported over six years. The report treats this as the plant’s reason for delayed disclosure, not independent proof that the contractual breach was immaterial. The investigators could not identify the actual operator or approver, and found no evidence that the plant head knew or approved it. This was one confirmed part number, not every component made there.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e19" ] }, { "id": "display-claim-2ecf4d5cbf9f5ceb60e251b0", "kind": "analysis", "text": "After a production transfer, Nidec Techno Motor told a customer in May 2026 that chemical-content requirements were met without obtaining the necessary supplier information. The gap was reported around mid-June, and collection of missing information continued during the investigation. The investigation did not establish that the products actually contained a chemical prohibited by the customer. Many older information gaps concerned updates to previously obtained data.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e71" ] }, { "id": "display-claim-c86d43001d76a9fc690e62f8", "kind": "analysis", "text": "Nidec Instruments operations recorded standard passing values as though measured when required per-lot torque or pull-strength tests had not been performed. The report traces torque practices to at least January 2022 and pull-strength practices to at least May 2024, continuing until around July 2026. The practices were inherited or continued through a business transfer. Staff believed stable production and past satisfactory checks made repeated testing unnecessary, but no customer approval for changing the testing frequency or substituting other tests was confirmed.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e11" ] }, { "id": "display-claim-13535ef51312699d40722956", "kind": "analysis", "text": "Keyword-based forensic review covering 31 current or former leaders did not reveal new quality episodes or emails clearly showing instructions or acquiescence in specific misconduct. The committee nevertheless identified structural problems in demanding targets, resources, reporting and control of acquired or transferred operations. The report did not find that Nagamori or other top management directed the identified quality misconduct to meet targets. This is distinct from its criticism of the organisation and from the separate accounting committee’s individual findings.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e27", "e6006" ] }, { "id": "display-claim-6b162ad030de60644133629d", "kind": "analysis", "text": "Nidec’s September disclosure promised stronger independent quality authority, reporting and escalation, including power to stop shipments, continuing quality reporting and customer discussions. The committee recommended realistic resources and targets and testing whether changes work in practice. These were announced measures and recommendations, not proof of completed remediation. The September 4 statement that no material prior-period financial effect had been identified was a dated company assessment. The later annual report recorded warranty provisions it described as limited and said customer discussions continued, with possible additional compensation or related costs not then reasonably estimable.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d187" ], "entity_ids": [ "e1", "e6006" ] }, { "id": "display-claim-f53b3ac5e870ac3baaba2947", "kind": "analysis", "text": "Nidec’s annual report says NIDEC FIR INTERNATIONAL paid approximately US$6.8 million including interest for US customs underpayments for April 2021–September 2025, and that CBP closed that matter on 2 December 2025. Nidec Motor Corporation and Nidec Global Appliance North America separately estimated additional duties of approximately US$70.7 million including interest and made voluntary disclosures in August 2026; those matters remained pending. These are the company’s account of the named entities’ customs matters. A closed FIR matter does not close the separate NMC/NGANA disclosures. FIR INTERNATIONAL is not silently merged with another similarly named Italian group company.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e31", "e8", "e65" ] }, { "id": "display-claim-5842c35ba390aa02a6a047b6", "kind": "analysis", "text": "The annual report identifies approximately US$16.6 million of additional US underpayment exposure at five other subsidiaries, investigation at a further 21, and planned voluntary disclosure for those 26. It also describes undervalued used-equipment imports by former Nidec Elesys in China, a completed Swiss registration matter with no stated financial impact and separate Chinese withholding-tax issues. The company characterised the identified Chinese financial effects as limited. The unnamed subsidiaries are not assigned to named group companies merely because they operate in the same country. The US amounts describe separate disclosed groups and stages, not an additional amount to be added twice.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e66" ] }, { "id": "display-claim-b2503c01db9d4c61efa90f65", "kind": "analysis", "text": "The quality report describes questionable Japan-origin labels or invoices for NDTC machine parts and measuring products, and former Nidec Elesys supplier certificates that continued to claim Japanese origin after part of production moved abroad. These are source-described origin-control failures. They are not equated with every US customs underpayment in the annual report; the sources use different case scopes.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d187" ], "entity_ids": [ "e1", "e54", "e66" ] }, { "id": "display-claim-248fb754b01428d35c596515", "kind": "analysis", "text": "Separately from customs underpayments, Nidec disclosed an application for roughly US$70 million in IEEPA-related tariff refunds in the United States. The application was pending in the retained disclosure. It is neither an approved receivable recovery nor an offset that can be netted against the separately reported customs payments.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-c645be262f79662f72fef777", "kind": "analysis", "text": "Nidec’s shareholder register at 31 March 2026 lists Shigenobu Nagamori at 8.61%, Kyoto Bank at 4.32% and SN Kosan GK at 3.52%, calculated against issued shares excluding treasury stock. The ten largest registered entries together represent 34.17%. The same table includes custody and client accounts. Their registered balances do not establish the ultimate beneficial investors or imply that every named institution controls those shares for its own account. Different large-holding filings use different dates and denominators.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e27", "e28", "e29", "e6010", "e6011", "e6012", "e6013", "e6014", "e6015", "e6016" ] }, { "id": "display-claim-4f072ae2029103fe961d9711", "kind": "analysis", "text": "Oasis Management Company Ltd., a Cayman Islands investment manager, reported 95,067,750 Nidec share-equivalents, or 7.97%, as of 9 September 2026 in a filing submitted on 16 September. The previous filing’s percentage was 6.78%. The position includes 95,067,725 shares and 25 depositary-receipt equivalents. This is a statutory holding disclosure by an asset manager, not a claim that all underlying assets belong beneficially to the manager. It is later than the March shareholder-register snapshot.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d119" ], "entity_ids": [ "e1", "e114" ] }, { "id": "display-claim-9659a61bca6b1a587207995f", "kind": "analysis", "text": "Oasis disclosed proposals concerning board composition, capital policy, possible delisting and a transaction that could put a third party above a majority of voting rights. It also described a conditional intention to increase its holding by more than five percentage points. These were disclosed proposals and intentions, with price, quantity, timing and possible regulatory approvals unresolved. They are not evidence of a completed takeover, delisting or later acquisition.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d119" ], "entity_ids": [ "e1", "e114" ] }, { "id": "display-claim-261afbc16aa44661354167e5", "kind": "analysis", "text": "Nagamori left his executive chairman role on 19 December 2025 and became non-full-time chairman emeritus; he resigned that honorary position on 26 February 2026. The committee records that the weekly Nagamori–Kobe–Kishida meeting ceased after the December change. Departure from office is distinct from the March 2026 registered shareholding. The retained ownership table does not establish a subsequent sale.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d11" ], "entity_ids": [ "e1", "e27", "e49", "e44" ] }, { "id": "display-claim-91742286ca58a1eb0e1492c0", "kind": "analysis", "text": "Official corporate-number records identify SN Kosan GK as 8130002016189 and Minoreas Co., Ltd. as 2130001082824, with the same registered business address in Kyoto. Minoreas’s number record was updated on 21 August 2026. A shared registered address does not establish ownership. Corporate-number assignment or update is not automatically the legal incorporation date. A similarly named kabushiki kaisha is not merged with SN Kosan GK without evidence.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d133", "s-d70" ], "entity_ids": [ "e28", "e104" ] }, { "id": "display-claim-6c837f3d22058805aee0b192", "kind": "analysis", "text": "October 2026 reporting describes Minoreas as a new Nagamori family venture incorporated on 31 July for investment, acquisitions and corporate rehabilitation. A separate commercial database, which says it checked a registry extract on 2 October, lists Yoshihisa Kitao as representative director and Tomohiro Nagamori as director. The corporate-number service confirms identity and address, not those directorships or beneficial ownership. The underlying commercial-register extract was not retained. The media account describes Tomohiro as Shigenobu’s second son; its account of strategy relies partly on an unnamed financial-sector source. A staff member at the SN Kosan office told the publication that the interview request was declined. No transfer of Nidec assets to this venture, or responsibility for Nidec accounting misconduct, is established by these affiliations.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d115", "s-d133", "s-d134" ], "entity_ids": [ "e27", "e57", "e104", "e129", "e28" ] }, { "id": "display-claim-f4615196de6db05ec63e1e22", "kind": "analysis", "text": "Nidec says Hiroshi Kobe, Yoshihisa Kitao, Akinobu Samura and Tatsuya Nishimoto resigned all group positions on 3 March 2026 following the accounting report. Valter Taranzano’s duties were suspended on 2 March and he left on 23 March. These are company personnel measures, not judicial findings of individual liability. Their prior responsibilities differed: Kobe was board chair; Kitao covered SPMS and group companies; Samura was CFO; Nishimoto led machinery; Taranzano led the appliance and automotive division.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e49", "e57", "e58", "e59", "e60" ] }, { "id": "display-claim-0271ab0a2c853ce98c140454", "kind": "analysis", "text": "The annual filing records a major June 2026 board renewal. Sato, Komatsu and Sakai left their outside-director positions on 18 June; Ochiai, Yamada, Toyoshima and Umeda left their audit-and-supervisory committee directorships that day. Nine new directors were elected. The dates establish office changes, not reasons or misconduct. Yoshii had joined on 20 June 2025; Murakami left the parent’s audit-and-supervisory committee directorship that day.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e45", "e48", "e46", "e78", "e47", "e82", "e83", "e35", "e36", "e37", "e38", "e39", "e40", "e41", "e42", "e43", "e34", "e81" ] }, { "id": "display-claim-06170b59ad1fed82b32a30b4", "kind": "analysis", "text": "The filing distinguishes board seats from advisory committees: Kishida left the nomination committee on 26 March 2026, while his compensation-committee role ended on 18 June. Nagamori had left the compensation committee on 20 June 2025. The June renewal put Yamamoto, Koizumi, Sakuma and Nishiura on both advisory committees. Committee dates are not interchangeable with executive or statutory-director tenures.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e44", "e27", "e34", "e40", "e37", "e38", "e39", "e48", "e46", "e47", "e45" ] }, { "id": "display-claim-3c8cdb854b0675e94af5fe79", "kind": "analysis", "text": "The annual filing places Yoshii as statutory auditor at several machinery and service subsidiaries from July 2025, with Components added in June 2026. Yamazaki’s June 2026 appointments include statutory-auditor roles at Instruments, Powertrain, Precision and Mobility. These oversight capacities are distinct from managing the subsidiaries or being responsible for past accounting events. The filing does not mark Yoshii’s Machinery position as continuing, so it is preserved only as a historical appointment.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e34", "e35", "e52", "e26", "e77", "e74", "e71", "e54", "e10", "e21", "e11", "e20", "e18", "e19", "e112" ] }, { "id": "display-claim-6e1800246a0718e5039dc238", "kind": "analysis", "text": "Nidec says it expanded outside oversight, created a board-support office in June 2026 and revised executive selection, reporting and remuneration processes. Its audit-and-supervisory committee judged PwC’s performance for the year appropriate and voted to reappoint it; all but one engagement partner had changed after receipt of the February report. This is the company’s governance assessment, not an independent finding that controls were already effective. The subsequent auditor disclaimers and continuing evidence problems remain material.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e2" ] }, { "id": "display-claim-2912d7996b1d7673ab3a17ec", "kind": "analysis", "text": "The 2023 annual filing records Murakami as statutory auditor of seven named subsidiaries and Ochiai of seven others, including entities later renamed or merged. Their parent audit-and-supervisory committee seats and their subsidiary statutory-auditor capacities are separate mandates. The graph preserves the filing’s dated appointments as historical snapshots. It does not extend those positions indefinitely or identify these officers as the anonymous people criticised in the investigation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11", "s-d299" ], "entity_ids": [ "e1", "e81", "e78", "e71", "e54", "e52", "e77", "e112", "e10", "e26", "e11", "e21", "e18", "e105", "e19", "e20", "e66" ] }, { "id": "display-claim-1283d9a136f1b0c84c789367", "kind": "analysis", "text": "Historical filings record Takeshi Nakane’s audit-and-supervisory committee directorship ending on 12 October 2022, Junko Watanabe succeeding him the next day, and Tamame Akamatsu leaving on 20 June 2023 when Hiroe Toyoshima joined. Watanabe’s committee directorship ended on 18 June 2024. Appointment dates, committee membership and attendance periods differ. They are not converted into a common tenure or a collective allegation of misconduct.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d299", "s-d46" ], "entity_ids": [ "e1", "e98", "e84", "e99", "e82" ] }, { "id": "display-claim-ed8bca4e3327e7b1dbe597ed", "kind": "analysis", "text": "The historical annual tables show several executives holding subsidiary chairmanships alongside parent offices: Nagamori at Shimpo, Mobility and Techno Motor; Seki at Nidec India and Tosok; Kishida at Powertrain, Elesys and Mobility; and Kobe at Techno Motor and Global Service. The graph uses each table’s stated appointment and snapshot, not an invented continuous term. Tosok became Powertrain; Shimpo became Drive Technology. Elesys’s later absorption into Mobility is separately dated. These positions do not establish responsibility for an episode described anonymously.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d46", "s-d47" ], "entity_ids": [ "e1", "e27", "e50", "e44", "e49", "e54", "e19", "e71", "e25", "e20", "e66", "e77", "e76" ] }, { "id": "display-claim-e7d456158d6b2707f1e997ef", "kind": "analysis", "text": "The annual tables distinguish Seki’s president/COO appointment in April 2020, CEO appointment in June 2021 and return to COO in April 2022 from Kobe’s September 2022 president/COO appointment and April 2024 board chairmanship. Kishida became president/CEO in April 2024 and representative director that June. These are dated historical capacities. The later resignations and the committee’s differentiated responsibility findings are recorded separately; the position itself is not proof of misconduct.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d46", "s-d47" ], "entity_ids": [ "e1", "e50", "e49", "e44" ] }, { "id": "display-claim-6086306de19e160d6509b1d5", "kind": "analysis", "text": "Nidec’s 2022 filing lists outside director Takeshi Nakane’s March 2018 appointment to the board of Kyoto Gakuen, later Nagamori Gakuen. The same filing lists Nagamori as chairman of that educational corporation. The affiliation is a historical institutional connection, not a finding of compromised independence or accounting responsibility. The company stated that it had no special relationship of interest with Nakane or the institutions to which he belonged and described its outside-director selection as intended to preserve independence.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d47" ], "entity_ids": [ "e1", "e98", "e76", "e27" ] }, { "id": "display-claim-fe9b89bad494bce45c644f00", "kind": "analysis", "text": "The March 2026 annual table identifies major consolidated subsidiaries across Japan, Asia, the Americas and Europe, plus 306 other consolidated companies. It distinguishes total voting interests from the indirect portion included within them. A parent-to-subsidiary line in this dossier can describe group voting control rather than direct legal title. Business-unit membership, shared officers and supply relationships are separate capacities. Consolidation and a management role do not establish participation in a particular accounting episode.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e6", "e7", "e8", "e9", "e10", "e11", "e6030", "e6031", "e6032", "e12", "e6033", "e6034", "e6035", "e144", "e13", "e14", "e15", "e6036", "e72", "e17", "e6037", "e52", "e18", "e55", "e19", "e20", "e70", "e6038", "e21", "e22", "e23", "e6039", "e24", "e25", "e26" ] }, { "id": "display-claim-d3ec1c4357ae638fe32e21d4", "kind": "analysis", "text": "The annual report lists March 2026 negative equity exceeding ¥10 billion at the Polish automotive subsidiary (¥23.132 billion), NAMA (¥41.416 billion), Electric Motor Serbia (¥15.346 billion), the German automotive subsidiary (¥16.300 billion), Elesys Zhejiang (¥28.739 billion), Powertrain Zhejiang (¥36.564 billion) and Elesys Europe (¥13.507 billion). These are subsidiary figures in the group annual report, not a statement that all group companies are insolvent. They are not reconciled here to earlier local accounts with different periods and accounting bases.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e15", "e72", "e169", "e14", "e6045", "e6046", "e6047" ] }, { "id": "display-claim-e57b15b8e01d558fac959626", "kind": "analysis", "text": "Japan’s corporate-number history shows Nidec Mobility, number 9180001088975 and formerly Omron Automotive Electronics, absorbed Nidec Elesys, number 4020001041054, effective 1 April 2025. The merger is distinct from the parent’s later assumption of the inverter operation. A historical Elesys episode must remain dated to the entity and business then responsible.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d212" ], "entity_ids": [ "e19", "e66" ] }, { "id": "display-claim-1bd8bb7a20cc022bd86fac8b", "kind": "analysis", "text": "October 1 reporting of Nidec’s announcement says it agreed to sell all of Nidec Components to TCG2603, indirectly held by Carlyle-related funds, for ¥102.98 billion, with transfer planned for 1 December 2026. The retained announcement describes a signed agreement and future closing, not a completed disposal within the archive cutoff. Carlyle’s management of related funds is not itself direct title to the shares. Nidec presented the deal as part of its portfolio reform, allowing Components to pursue investment and growth with an external partner while the group concentrates resources on priorities. The company said the effect on consolidated results was under examination.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d132" ], "entity_ids": [ "e1", "e21", "e128", "e6044" ] }, { "id": "display-claim-9f35c49848c07d29e5899c49", "kind": "analysis", "text": "The parent’s March 2026 contingent-liability note reports guarantees for named subsidiaries, including ¥20.584 billion for Nidec PSA eMotors, ¥1.891 billion for the Serbian electric-motor company, ¥1.183 billion for Elesys Europe and ¥870 million for GPM Hungary. These are reported guarantees of subsidiary obligations, not amounts paid, separate misconduct findings or additional losses to aggregate with impairment. The note also lists five smaller guaranteed balances.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10" ], "entity_ids": [ "e1", "e23", "e169", "e69", "e6047", "e154", "e6034", "e6052", "e6053", "e6054" ] }, { "id": "display-claim-20b567ef0f7c3b19e0aab290", "kind": "analysis", "text": "The corporate-number record preserves the parent’s change from Nihon Densan to Nidec in April 2023 and its absorption of Nidec ASI Japan Corporation, corporate number 4010701027642, effective 1 April 2023. The absorbed Japanese company is distinct from the Italian Nidec ASI entity. The record’s corporate-number assignment date is not the parent’s incorporation date.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d7" ], "entity_ids": [ "e1", "e3" ] }, { "id": "display-claim-f2ec367cb30134562755516f", "kind": "analysis", "text": "Retained German registry-derived records distinguish Nidec GPM GmbH (Jena HRB 300562), Nidec Motors & Actuators (Germany) GmbH (Stuttgart HRB 302063) and Nidec AMEC Europe GmbH (Stuttgart HRB 764667). AMEC Europe’s stated purpose includes operational leadership, setting targets and monitoring the group’s automotive businesses. The operational headquarters is a separate legal company. It is not interchangeable with every AMEC factory or business-unit label. Registration and formation dates can also differ.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d125", "s-d126", "s-d178", "s-d260" ], "entity_ids": [ "e13", "e14", "e157" ] }, { "id": "display-claim-3ee67705b594c75e983f5a46", "kind": "analysis", "text": "Registry-derived histories place Guilherme Silva de Almeida and Tuna Sürücü in management roles across the three German companies in late 2025; Tiago Aurelio Figueiredo joined the German Motors & Actuators management. They also preserve earlier mandates held by Kishida, Igarashi, Kawasaka, Schulte and Yokota. Dates below are reported registry-entry intervals, not automatically employment start and end dates. The original registry extracts were not retained for every entry; commercial services reproduce or summarise them. A mandate does not prove involvement in misconduct.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d125", "s-d126", "s-d178", "s-d258" ], "entity_ids": [ "e13", "e14", "e157", "e118", "e119", "e124", "e44", "e121", "e158", "e159", "e160", "e102", "e120" ] }, { "id": "display-claim-be6ca938474de247b28da66d", "kind": "analysis", "text": "The retained GPM company profile records a profit-transfer agreement with Nidec Motors & Actuators (Germany). The agreement is a specific corporate relationship. It is not, by itself, proof of a particular ownership percentage or of responsibility for GPM’s disputed accounting decisions.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d125" ], "entity_ids": [ "e13", "e14" ] }, { "id": "display-claim-cf6238fefcadc71a0f6ec2a0", "kind": "analysis", "text": "Nidec’s own 2022 and 2024 notices identify Kazutsugu Igarashi in senior automotive roles and chairmanships at named Chinese and American subsidiaries. December 2024 reporting says he left Nidec at the end of November and was appointed to a Proterial executive role effective January 2025. Later German register entries still naming him are preserved as registry history. They do not prove he continued working for Nidec after the reported departure; the reason for the difference is not established.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d189", "s-d191", "s-d192" ], "entity_ids": [ "e1", "e121", "e7", "e144", "e6036", "e72", "e6005", "e165" ] }, { "id": "display-claim-56076184cb4f0d4fc21739e9", "kind": "analysis", "text": "Registry-derived profiles identify the Polish company by KRS 0000262021 and Nidec Electric Motor Serbia by MB 21648850. The Polish profile names Nidec Europe B.V. as sole shareholder and lists Silva de Almeida, Figueiredo, Marko Ivović and Leszek Brzyski on its board; the Serbian profile names the first three as directors. Dorota Dąbkowska is listed as a joint authorised commercial representative, a different capacity from board membership. The commercial profiles’ local financial summaries are not reconciled to the later yen-denominated negative-equity figures in Nidec’s group report.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d172", "s-d307" ], "entity_ids": [ "e15", "e169", "e154", "e118", "e124", "e153", "e152", "e155" ] }, { "id": "display-claim-d13946fa35a15d385606dc4f", "kind": "analysis", "text": "Spanish registry-derived notices record Winch David Carter as Arisa chair from 17 March 2026, a January 2024 reappointment of PricewaterhouseCoopers Auditores S.L. as auditor, and Arisa’s absorption of Arisa Servicio Tecnico in January 2022. The preserved name order is “Winch David Carter”; the underlying original BORME notice was not separately retained. These dated governance and merger records do not implicate the named officers or auditor in NDTC’s accounting episode.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d256" ], "entity_ids": [ "e56", "e182", "e181", "e183" ] }, { "id": "display-claim-e3dfa9f84d30bd2cfb434f3a", "kind": "analysis", "text": "A retained commercial registry profile lists Tuna Sürücü as managing director of NMA Property Verwaltungsgesellschaft mbH and Nidec driveXpert GmbH, alongside the three German operating companies discussed here. The profile is an aggregator’s current-status snapshot, not a dated appointment instrument. It establishes a reported corporate capacity, not responsibility for accounting misconduct or beneficial ownership.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d308" ], "entity_ids": [ "e119", "e177", "e125", "e13", "e14", "e157" ] }, { "id": "display-claim-777c2a8fe16b19e94cafbcec", "kind": "analysis", "text": "Brazil’s federal transparency portal identifies Nidec Global Appliance Brasil Ltda., formerly Embraco Industria de Compressores e Solucoes em Refrigeracao Ltda., under CNPJ 29.958.609/0001-50 in Joinville. It lists Nidec Corporation, registered locally as a non-resident entity, among the participants. The Brazilian registration of the Japanese parent is distinct from the subsidiary’s CNPJ. Branch registration dates are not automatically the incorporation date of the whole business.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d49" ], "entity_ids": [ "e1", "e9" ] }, { "id": "display-claim-0a3384caaca35f9d32f1292a", "kind": "analysis", "text": "The federal portal names Ronny Kein, Gustavo Rudolf Haverroth and Andre Paz Rosa without specifying their capacities. A retained CNPJ database identifies them as administrators, dating Kein’s appointment to February 2023 and the latter two to May 2026. The commercial page also contains duplicate entries and an undated Ricardo Augusto Bristotti entry absent from the official portal. That discrepancy is not resolved into an asserted current Bristotti mandate. Current appointments do not prove responsibility for the earlier GA rebate episode.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d137", "s-d49" ], "entity_ids": [ "e9", "e87", "e88", "e89" ] }, { "id": "display-claim-bf9159e924b899e50347f0df", "kind": "analysis", "text": "Eve Holding’s 2024 prospectus identifies Nidec Motor Corporation as a Delaware corporation controlled by Nidec Corporation. It records NMC’s subscription for five million Eve shares at US$4 each, totalling US$20 million, and a separate warrant to buy one million shares at US$0.01 each. The warrant is not one million shares already owned. The prospectus says it was not expected to be exercisable within 60 days. Registration of potential resale securities does not prove a resale occurred. NMC’s Missouri business address is not its incorporation jurisdiction.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d170" ], "entity_ids": [ "e1", "e8", "e150" ] }, { "id": "display-claim-c249d9ea8a7075c4bc60b493", "kind": "analysis", "text": "Nidec’s leadership page dated 1 October 2026 names Michael Briggs as NMC president and head of the appliance and automotive division, and Dominique Llonch as chair of both Nidec ASI and Leroy-Somer Holding. Nakagawa and Murakami also hold named holding-company directorships. These are dated company descriptions, not inferred appointment dates or a conclusion that each person held the same role during earlier accounting events.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d303" ], "entity_ids": [ "e1", "e190", "e191", "e8", "e17", "e113", "e5", "e81", "e22", "e154" ] }, { "id": "display-claim-4fb05004c0b5903cb96674cc", "kind": "analysis", "text": "Nidec’s 2015 release says FIR entered the group with the Kinetek acquisition in November 2012 and that Nidec FIR Elettromeccanica acquired E.M.G.’s business in September 2015 as part of its European commercial-motor platform. The release names FIR Elettromeccanica. The later customs disclosure names FIR INTERNATIONAL; the two legal entities are not treated as identical without a retained identity bridge.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d130" ], "entity_ids": [ "e1", "e126", "e127" ] }, { "id": "display-claim-93d88d5896a8423954398df3", "kind": "analysis", "text": "A commercial Italian registry-data service reports Nidec ASI revenue of €217.43 million and net profit of €57.65 million for 2025, versus €274.74 million and €38.60 million for 2024. These are local subsidiary summaries, not Nidec consolidated results or a reconciliation of later group corrections. The underlying full accounts and paid ownership material were not retained. The service’s promotional interpretation of performance is not adopted.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d176" ], "entity_ids": [ "e17" ] }, { "id": "display-claim-c8496679683726c3acca1ea6", "kind": "analysis", "text": "Nidec’s October leadership page lists Feng Jing as chair and general manager of Automotive Motor Zhejiang, with directorships at Guangzhou and Jiangsu automotive companies. Older records placing Igarashi in those Chinese chairmanships are historical, not a substitute for the later company disclosure. The Zhejiang automotive company is separate from Techno Motor Zhejiang. The named capacity is not proof that Feng or another director authorised an anonymous operational decision in the investigation reports.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d189", "s-d191", "s-d303" ], "entity_ids": [ "e1", "e7", "e24", "e6036", "e146", "e121" ] }, { "id": "display-claim-ed3a5146b468593be7111c49", "kind": "analysis", "text": "Thailand’s DBD profile identifies Nidec Electronics (Thailand), registration 0105533101569, as an active spindle-motor company established on 24 August 1990. The snapshot is dated 5 October 2026 and lists five directors. Thai Buddhist-calendar years 2533 and 2569 correspond to 1990 and 2026. The directors’ Thai spellings are preserved where an independent Latin spelling was not established; similarity to a person at another subsidiary does not prove identity.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d138" ], "entity_ids": [ "e6", "e132", "e133", "e134", "e135", "e137" ] }, { "id": "display-claim-9e64b3e5827c367502aa2409", "kind": "analysis", "text": "Taiwan’s company-register page identifies Yohei Sumikawa as chair of Nidec Chaun-Choung and lists Yuji Tanaka among the directors representing Nidec. Its displayed board term is June 2025–June 2028, subject to the registry’s warning that terms can change. The 74,514,982-share balance repeated beside several representatives is the represented corporate shareholder’s position, not a separate personal holding for each director. Nidec’s notice dates Tanaka’s directorship there from October 2025.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d181", "s-d84" ], "entity_ids": [ "e1", "e12", "e100", "e137" ] }, { "id": "display-claim-9a6e74f765bc7cc022e288bc", "kind": "analysis", "text": "October 2023 reporting says prosecutors and investigators searched Nidec Chaun-Choung on 5 October; the company said it would cooperate and saw no material financial or business impact. The retained report does not identify the subject of the search or a later case outcome. It does not establish a connection to the Nidec accounting inquiry.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d145" ], "entity_ids": [ "e12" ] }, { "id": "display-claim-a025095c231654df3e294874", "kind": "analysis", "text": "In an August 2026 account of Chaun-Choung’s response to a June ransomware incident, the company said external digital forensics found no clear technical evidence of data exfiltration, despite attackers’ publication of folder and file-name screenshots. The company explicitly did not rule out a leak and said it would continue monitoring. This is not a finding that no data were exposed, nor proof that the incident is identical to an unnamed event in another group document.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d166" ], "entity_ids": [ "e12" ] }, { "id": "display-claim-8ed70b81de25f24fb4623594", "kind": "analysis", "text": "Two retained commercial services identify Nidec India under CIN U29100HR2010FTC041709, incorporated on 16 December 2010. The page updated on 5 October 2026 lists Keiji Oshima, Hiroyuki Temba, Masahiro Miura and Shigehiro Tsujimura; an older-data page still lists Kitao and Hatanaka. The later profile is used as a dated reported roster, not a direct original MCA extract. Absence from it does not establish an exact resignation date. The older page’s displayed accounts end in March 2023, so its “current” label is not adopted without qualification.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d219", "s-d267" ], "entity_ids": [ "e25", "e172", "e6042", "e163", "e6043", "e57", "e173" ] }, { "id": "display-claim-6a942921c04146fb38f7305b", "kind": "analysis", "text": "The older Indian profile records former Nidec India directorships ending for Yoshimoto in April 2020, Seki in September 2022, Katayama in September 2021 and Kishida in March 2024. It also lists Oshima at Mobility India and historically at Sanyo businesses. The later service marks Sanyo BPL dissolved, so an older “ongoing” label is not treated as a current operating mandate. Common directors do not establish ownership between companies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d219", "s-d267" ], "entity_ids": [ "e25", "e102", "e50", "e143", "e44", "e172", "e174", "e175", "e176" ] }, { "id": "display-claim-230577ccce88072f19841c60", "kind": "analysis", "text": "Nidec announced subsidiary president changes effective 1 October 2026: Takeshi Nishiyama at Techno Motor, Yuji Tanaka at Drive Technology, Katsuhiro Wada at Powertrain Systems and Kenji Hamanaka at Machine Tool. The notices describe a new growth phase and preserve predecessors’ advisory or other roles. A personnel change is not itself a finding against the predecessor. Nishiyama’s notice places his CFO appointment in June 2026, and Hamanaka’s biography separately records an OKK CTO role from June 2026; those dates are not backdated.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d181", "s-d204", "s-d303" ], "entity_ids": [ "e71", "e54", "e20", "e10", "e162", "e137", "e6040", "e138", "e163", "e6041", "e19", "e70", "e167", "e4", "e26", "e74" ] }, { "id": "display-claim-3b1cfe115a82d3fe48b9d50f", "kind": "analysis", "text": "The corporate-number history for 9100001006440 identifies former Copal Yamada, renamed Nidec Precision Yamada in April 2023 and Apic Yamada Precision on 31 March 2025. The change to a name without “Nidec” does not by itself establish a sale or departure from the group.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d255" ], "entity_ids": [ "e106" ] }, { "id": "display-claim-a1159c6190ea05721b30c4bf", "kind": "analysis", "text": "Nidec announced that an individual shareholder filed Kyoto District Court case 2026 (wa) No. 1749 on 9 September 2026 against former directors Shigenobu Nagamori and Hiroshi Kobe. The claimant seeks ¥28,730,558,300 plus late charges for the company, alleging specified 2022–2023 buybacks and a December 2022 dividend exceeded distributable amounts. The amount is the claimant’s demand, not a damages award. The retained company notice establishes the proceeding and allegation; it supplies no judgment on liability. Nidec said it did not expect this action against former directors personally to affect its business performance and would consider its response in light of the responsibility committee’s work.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d20" ], "entity_ids": [ "e1", "e27", "e49", "e6020" ] }, { "id": "display-claim-b37a32475998cd05847995ea", "kind": "analysis", "text": "Verybest Law Offices announced a separate Tokyo District Court action on 9 September 2026 for 28 shareholders seeking ¥66,150,966 from Nidec for alleged share-price losses associated with accounting problems. The firm represents the shareholders, not Nidec. Its notice explicitly distinguishes this securities claim for investors’ own losses from a derivative suit for the company. It is a party’s filing announcement, not a judgment or independent assessment of the claimed loss.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d34" ], "entity_ids": [ "e1", "e61", "e6021" ] }, { "id": "display-claim-777aa35e3049cb26b9506511", "kind": "analysis", "text": "July and August 2026 reporting described a further demand that Nidec pursue nine current or former officers for at least ¥5 billion, naming Nagamori, Kobe, Kishida, Katayama, Yoshimoto and Seki among the targets. A demand that the company sue, and a stated plan for a later derivative suit if it refuses, do not establish that such a suit was filed. This demand is not silently identified with either of the two September actions.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d163", "s-d95" ], "entity_ids": [ "e1", "e27", "e49", "e44", "e143", "e102", "e50" ] }, { "id": "display-claim-8d013147ba0e4e3d325bffe1", "kind": "analysis", "text": "Nidec established an Executive Responsibility Investigation Committee on 13 March 2026 to examine possible legal responsibility of directors, auditors and executive officers serving from FY2020 through the first quarter of FY2025. The September annual filing says that work continued. The company said it would decide on damages claims or other legal measures after the committee’s recommendations. Establishing the committee does not establish a final legal finding against every person within its remit.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d20" ], "entity_ids": [ "e1", "e6022" ] }, { "id": "display-claim-827e93b80d294df25683f84a", "kind": "analysis", "text": "Retained May and June 2026 press accounts, citing sources, report a Securities and Exchange Surveillance Commission inquiry and a document-production order concerning possible false annual-report disclosures. The accounts discuss a possible recommendation for an administrative monetary penalty; one says a criminal referral could be considered if the conduct were judged serious. No issued financial penalty or filed criminal charge is established by these reports. This is separate from the Tokyo Stock Exchange’s actual listing-agreement penalty.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d221", "s-d65", "s-d99" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-81040edb1906fd140a9e15e5", "kind": "analysis", "text": "A 17 February 2026 Rosen Law Firm notice announced investigation of potential Nidec securities claims and preparation of a prospective class action. This is a lawyer’s solicitation and statement of intention. It does not prove a US class action was filed, a class certified, or liability determined.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d136" ], "entity_ids": [ "e1", "e130" ] }, { "id": "display-claim-60f181838d4d9bb43d7be180", "kind": "analysis", "text": "In USITC investigation 337-TA-1073, Intellectual Ventures II accused Nidec Corporation and Nidec Automotive Motor Americas, among other respondents, of patent-related violations. The Nidec respondents were terminated from the investigation in 2018. The Commission ended the remaining investigation in July 2019 with no Section 337 violation because the complainant failed the domestic-industry requirement. The Commission expressly took no position on the other reviewed issues. This procedural history is not a blanket merits finding that every accused product was non-infringing, and the later decision concerned respondents remaining after Nidec’s departure. It is unrelated to the accounting investigation.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d174" ], "entity_ids": [ "e1", "e72", "e156", "e6023" ] }, { "id": "display-claim-1814b6a1c47fb48f3933e202", "kind": "analysis", "text": "Nidec’s FY2022 annual report says it sold Secop to the ESSVP IV buyer group on 9 September 2019 as a condition of the Embraco acquisition. A sale-price dispute led to German arbitration in January 2021 and settlement in March 2023, ending that arbitration. The company had lost effective control on 12 April 2019 before the later share transfer. Settlement terms are not supplied here; some sale costs were still expected. The disclosure does not connect this commercial dispute with the later accounting misconduct.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d299" ], "entity_ids": [ "e1", "e188" ] }, { "id": "display-claim-6ea55c51ca7f0bd931935916", "kind": "analysis", "text": "The 2019 outside-law-firm investigation described in the committee report identified eleven problematic accounting instances in the US businesses of ACIM and AMEC and at headquarters. They included US$17 million of inventory and doubtful-account reserve reversals, US$4.2 million of bonus-reserve reversals, US$14 million of litigation and warranty reserve reversals, and US$4.3 million of prematurely recognised tariff-related sales. Other items were stated as possible misconduct, and local managers refused some requests. An initial internal review had characterised one adjustment as error; a participant later told the committee there had been a desire to avoid a finding that would delay closing. The committee said the outside inquiry’s scope was discussed with Nidec and was not completely independent. The earlier inquiry mentioned suspected involvement by then-president Yoshimoto. He later acknowledged instructing reserve reversals but said he understood them as permissible aggressive accounting and did not recognise the expense deferrals as improper. The committee found no objective evidence disproving that account. The 2026 committee’s later, broader assessment found no facts showing that Yoshimoto instructed, directed or condoned the misconduct it uncovered; that differentiated conclusion is retained.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e73", "e102" ] }, { "id": "display-claim-d924dbe39cd9a044e152e1e9", "kind": "analysis", "text": "The committee describes a parallel special-audit system run by an anonymous employee, “Mr. A”, under Nagamori’s direction. Nagamori told investigators he wanted misconduct corrected without public escalation and feared that normal internal-audit channels would pass the information to PwC Kyoto. The committee was unable to interview Mr. A because he did not respond. The anonymous role is not assigned to a person from later officer lists. Nagamori’s explanation included giving remorseful employees a second chance; his July 2018 email also called for an immediate audit of reported manipulative accounting.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27", "e49" ] }, { "id": "display-claim-0d61a48c798b4b5942e6abaf", "kind": "analysis", "text": "The report also records that selected warnings did reach PwC Kyoto during the 2019 inquiry. Shared emails included a December 2018 asset-revitalisation update identifying ¥13.72 billion of additional problematic assets, and a Copal special-audit report describing approximately ¥11.35 billion at March 2018 and a planned amortisation process intended to avoid external leaks. These historical internal schedules are not additional final group losses. Evidence that selected documents were shared does not show that the auditor had every relevant record or establish its legal liability; the 2026 committee did not review the audit working papers.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e2", "e18" ] }, { "id": "display-claim-9ffef6b639952ac3df1d59ac", "kind": "analysis", "text": "After the 2019 inquiry Nidec issued accounting notices and Nagamori circulated a message prioritising legitimate accounting even when targets were missed. The committee nevertheless found that specific recommendations to moderate target pressure were not implemented. A proposed subsidiary CFO reporting structure also failed to materialise; the responsible former officer cited insufficient personnel. The existence of formal policies and the committee’s criticism of implementation are both material. Later repeated misconduct is not treated as proof that every employee ignored the policies.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1", "e27" ] }, { "id": "display-claim-55bc2661b1bec60880995e9c", "kind": "analysis", "text": "The committee said internal audit and legal/compliance avoided confronting headquarters’ performance pressure. Some full-time oversight members understood the underlying problem but did not raise it with the board. Outside oversight members received superficial accounts and said they did not understand the accumulated “legacy liabilities” or the real purpose of the structural reforms. These are findings about information flows and oversight functions. The anonymous criticisms are not assigned to individual directors merely because their office dates overlap. The report also recognised the internal-audit staff’s expertise and depth of document review.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-144a0b078da3c064e8af2229", "kind": "analysis", "text": "The committee describes Nidec’s plan to give the audit-and-supervisory committee regular internal-audit reports and prior approval over the internal-audit head’s appointment or transfer, while increasing accounting-audit staff from twelve to around twenty to thirty. The report regarded the company’s diagnosis as broadly consistent with its own and acknowledged the depth of some prior investigations. These planned changes are not evidence that the later audit-evidence and control problems had already been resolved.", "qualification": "", "response": "", "outcome": "", "source_ids": [ "s-d11" ], "entity_ids": [ "e1" ] } ], "sources": [ { "id": "s-d4", "title": "Company statement source · s-d4", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "company_statement", "publisher_type": "corporate", "url": "" }, { "id": "s-d7", "title": "Corporate registry concerning Nidec or a named participant", "publisher": "National Tax Agency corporate-number service", "date": "", "locator": "Retained original passage", "basis": "Exact retained source passages; the document’s origin and evidentiary status remain distinct from its hosting service.", "source_type": "corporate_registry", "publisher_type": "registry_operator", "url": "https://www.houjin-bangou.nta.go.jp/henkorireki-johoto.html?selHouzinNo=9130001002387" }, { "id": "s-d10", "title": "Company statement source · s-d10", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; 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