Nidec submits annual report on time, but auditor withholds opinion
FILE PHOTO: Nidec Corp's logo is pictured at an earnings results news conference in Tokyo, Japan, July 25, 2018. REUTERS/Kim Kyung-Hoon/File Photo
TOKYO :Japanese electric motor maker Nidec met a delayed deadline to file its fiscal 2024 annual report, a regulatory filing showed on Friday, but the company's auditor withheld an opinion on its financial statements.
Nidec had postponed its annual report submission in June after saying it needed time to conduct an investigation into potential errors in country-of-origin declarations for motors produced at a subsidiary in Italy.
Nidec's auditor, PwC Japan, withheld an opinion on the company's consolidated financial statements for the past financial year ended March 2025, citing insufficient audit evidence.
The Kyoto-based manufacturer of precision motors also vowed to take fresh steps to shore up internal controls, pledging to foster a corporate culture prioritising compliance and to strengthen its global governance.
