A major Japanese electric motor manufacturing company is embroiled in an accounting scandal.

On the 3rd of Japan, it was reported that Nidec Corporation, a large electric motor manufacturer in Japan, released a report of an investigation conducted by a third-party committee on its accounting fraud activities. The report revealed that Nidec Corporation was involved in a significant amount of accounting fraud, amounting to approximately 250 billion yen, equivalent to about 11 billion yuan. The report suggested that the root cause of the accounting fraud was the founder of the company, Shigenobu Nagamori, demanding performance targets that exceeded the actual situation, while internal and external audit mechanisms failed to correct the fraudulent behavior.