Nidec Investigation Report Suggests Progress in Efforts to Avoid Delisting

Dow Jones
09/04

0614 GMT - Nidec Corp.'s disclosure of an independent investigation report on quality issues is a good step forward in its efforts to improve internal controls and avoid a potential delisting. While the report identified a series of issues such as falsification and fabrication of testing and inspection results, the Japanese electric motor maker said there are no issues that would cause any material impact on its financial statements of past fiscal years. In March, Nidec flagged a nearly $890 million expected hit on net assets following a monthslong investigation into accounting irregularities over the years. Nidec says it plans to correct its past financial reports and submit the report for the fiscal year ended March at the earliest possible date.

 

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