Nidec Shares Hit Decade Low as Report Finds Executives Liable in Accounting Scandal

3-line summary

• Nidec's independent committee concluded that founder Shigenobu Nagamori, former CEOs Jun Seki and Mitsuya Kishida, former chairman Hiroshi Kobe, and former president Jitoyuki Yoshimoto bear civil liability and violated Japan's Companies Act in connection with a years-long accounting scandal at the Japanese electric-motor maker; the committee's report was submitted to the board last week, with a redacted version due Tuesday.
• Nidec shares fell 2.8% Monday to 1,760.0 yen, their lowest level since 2016 (a decade low); the company separately disclosed quality-control lapses earlier this year, and the report found the misconduct extends beyond accounting.
• The scandal has damaged Nidec's standing as a key supplier to the global electric-vehicle industry; the Tokyo Stock Exchange could issue a delisting warning, some shareholders have called for taking the company private to aid its recovery, and Nidec said it is considering legal action.

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