Electric motor manufacturer, Nidec Corp, set-up a third-party investigation in September 2025 into possible improper accounting, which has not yet been completed. The FY25, 1Q26 and 2Q26 financial reports flagged a number of issues which have been reported to the committee. After material impairments in 1Q26, the company has highlighted further impairments may be required, although it is unclear what they might be. According to the company, the initial findings of the third-party investigation should be available at the end of February 2026. While the investigation has not yet been completed, the establishment of a third-party investigation committee, a disclaimer audit opinion in connection with its FY25 financial statements, and material impairments in 1Q26, in our view, demonstrate problematic accounting at Nidec over this period.

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