Business

Nidec shares slide after widening accounting scandal hurts trust

By Web Master,Yuki Furukawa

Copyright japantimes

Nidec shares slide after widening accounting scandal hurts trust

Nidec shares slid Monday after the company discovered more suspected cases of improper bookkeeping, heightening fears the world’s biggest maker of mini motors may come under regulatory scrutiny for a potential delisting.The latest revelations emerged from an external probe that began earlier this month when Nidec found evidence of systemic accounting problems. On Friday, it said in a financial report — submitted after a three-month delay — that it had unearthed new problems. Its car inverter business may have for years underreported duties on second-hand goods exported to China, and a Swiss unit may have exported products without completing the required paperwork.Nidec’s stock fell as much as 4.8% early on Monday, which was also an ex-dividend date for the company. The shares later recouped much of their losses and were down about 1.8% in late morning trading.