Shares in the Japanese motor maker Nidec fell to their lowest level in ten years on Monday after an outside committee concluded that its founder, Shigenobu Nagamori, and other current and former executives bear civil liability for damages linked to years of improper accounting, The Japan Times reports.
The committee submitted its findings to the board last week, and Nidec plans to release a partly redacted version of the report on Tuesday. The episode deepens a crisis in which the company's biggest shareholder has called for privatisation options to be reviewed.
Nidec is trying to win back its auditor's approval and convince the Tokyo Stock Exchange that its internal controls have been repaired, while its new chief executive, Michio Kaida, faces pressure from activist investors to restructure loss-making units.
Source: The Japan Times
