Japanese major electric motor manufacturer embroiled in accounting fraud scandal

格隆汇 March 5th丨Japanese major electrical equipment manufacturer Nidec Corporation today released an investigation report by a third-party committee regarding its accounting fraud. The report shows that Nidec Corporation engaged in large-scale accounting fraud, with the amount totaling approximately 250 billion yen, equivalent to about 11 billion RMB. The report believes the root cause of the accounting fraud lies in the company's founder Shigenobu Nagamori's demand for performance targets exceeding actual conditions, while both internal and external audit mechanisms failed to correct the fraudulent behavior. It is reported that Nidec Corporation was founded in Japan in 1973, with a total number of employees exceeding 100,000.