-- Nidec (TYO:6594) said it received a final report from an independent panel probing improper accounting and will revise governance and internal controls, according to a Friday filing on the Tokyo Stock Exchange.
The probe found widespread irregularities, including delayed loss recognition, improper cost capitalization and inaccurate revenue recognition. The cumulative impact on operating profit through the first quarter of fiscal 2025 was a loss of 166.4 billion yen, while net sales fell 33.1 billion yen and net profit declined 160.7 billion yen.
Nidec said potential impairment losses on goodwill and fixed assets could reach about 250 billion yen, mainly in its automotive business.
Internal reviews also found possible errors in U.S. import declarations, with additional customs duties estimated at about $69.7 million, including interest, for April 2021 to September 2025.
The committee said excessive performance pressure under founder Shigenobu Nagamori drove the misconduct and said he bears the greatest responsibility.