- Nidec Corporation postpones the submission of its 52nd Annual Securities Report originally scheduled for June 18, 2025.
- Delay due to ongoing investigation into trade transaction issues at subsidiary NIDEC FIR INTERNATIONAL S.R.L. in Italy.
- Company awaits completion of audit procedures by accounting auditors to ensure accurate consolidated financial statements.
Nidec Corporation (6594; NJDCY) has announced a delay in the submission of its 52nd Annual Securities Report for the fiscal year ending March 31, 2025. The submission, originally scheduled for June 18, 2025, has been postponed due to incomplete audit procedures stemming from an internal investigation.
The postponement is attributed to an ongoing investigation at NIDEC FIR INTERNATIONAL S.R.L., a subsidiary in Italy under Nidec's Appliance, Commercial and Industrial Motors Business Unit. The Company has uncovered potentially erroneous declarations of the country of origin for certain motors manufactured by FIR, which may have led to unpaid import tariffs. A third-party expert has been engaged to examine the trade and customs practices further.
Nidec is collaborating with both the third-party expert and its internal team to resolve the discrepancies and determine their impact on its consolidated financial statements. Due to the complexity of the investigation and the need for comprehensive audit procedures, the Company has deemed it challenging to finalize and submit the securities report by the previously set date.
The new submission date will be announced once the investigation progresses adequately, ensuring that all necessary financial audits and assessments are conducted thoroughly.
