India, Sept. 3 -- Nidec Corp. (NJDCY, 6594.T), a Japanese manufacturer of electric motors, announced that it has set up a third-party committee to investigate improper accounting across its group companies. The decision follows internal findings related to a 200 million yen lump-sum discount recorded by Nidec Techno Motor (Zhejiang) Co., Ltd., a Chinese subsidiary, in late September 2024. The issue-flagged by Nidec Techno Motor Corporation-raised concerns about broader accounting irregularities, including the timing of asset write-downs.
Initial investigations, led by the Audit and Supervisory Committee with external experts, revealed potential involvement or awareness by management across multiple entities.
Nidec noted that it has formed...