From The Japan Times · Reed Stevenson · · 1m
Nidec founder faces civil liability as shares hit decade low
Nidec's founder and executives now face civil liability for accounting damages as shares drop to a decade low.
In brief
Nidec's founder and executives now face civil liability for accounting damages as shares drop to a decade low. Nidec's founder Shigenobu Nagamori and executives bear civil liability for damages from improper accounting, causing shares to fall to their lowest level in ten years. Originally reported by The Japan Times.
Nidec legal reckoning
Nidec's outside committee concluded founder Shigenobu Nagamori and executives bear civil liability for damages from improper accounting.
Shares drop to decade low
Nidec shares fell to their lowest level in a decade Monday after the committee's finding.
Shareholder calls for review
Nidec's biggest shareholder requested a review of privatization options due to the crisis.
Company seeks auditor approval
Nidec aims to regain auditor approval and convince Tokyo Stock Exchange internal controls have been repaired.
CEO faces restructuring
Newly appointed CEO Michio Kaida must restructure loss-making businesses and respond to activist pressure.
The bottom line
Nidec's founder Shigenobu Nagamori and executives bear civil liability for damages from improper accounting, causing shares to fall to their lowest level in ten years.
