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Shareholder Demands Nidec to Sue Former Directors Over Excess Distribution

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Nidec (TYO:6594) has received a written request from an individual shareholder on July 16, demanding that the company file a legal action against several former directors, according to a Tokyo Stock Exchange filing on Tuesday.

The demand stems from allegations that the company's interim dividends and share repurchases for the previous fiscal year exceeded legally distributable amounts.

The demand references earlier disclosures from June 2023 regarding the excess distributions and an external investigation committee's findings.

In March, Nidec established an Executive Responsibility Investigation Committee to investigate accounting-related misconduct involving former and current directors, auditors, and vice presidents.

The company plans to review the committee's forthcoming report and recommendations before deciding whether to pursue compensation claims or other legal measures.

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