Nidec Files Suit for Damages against Former Executives

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10/27/2026 - 04:10 AM EDT

KYOTO, Japan--(BUSINESS WIRE)-- As announced in the press release, “Nidec Receives an Investigation Report from the Executive Responsibility Investigation Committee,” dated October 16, 2026, Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (“Nidec” or the “Company”) received an investigation report (the “Investigation Report”) issued by the Executive Responsibility Investigation Committee (the “Investigation Committee”) on the date.

After, based on the Investigation Report, contemplating the necessity to file a lawsuit against its former and current executives, the Company has decided today to file a suit for damages against the following former executives (the “Lawsuit”):

1. Former Directors
- Messrs. Shigenobu Nagamori, Hiroshi Kobe, Akira Sato, Hiroyuki Yoshimoto, Jun Seki, and Mitsuya Kishida: Liability for damages in accordance with Article 423, Paragraph 1 of the Companies Act of Japan;

2. Former Corporate Auditors
- Messrs. Kazuya Murakami and Hiroyuki Ochiai: Liability for damages in accordance with Article 423, Paragraph 1 of the Companies Act of Japan (Mr. Murakami resigned as Vice President (Chief Legal Officer) on October 16, 2026; and

3. A former Vice President of the Company
- A former Vice President (a former CFO of the Company (May 2022 – March 2026)): Liability for damages in accordance with either Article 644 and Article 415, Paragraph 1 of the Civil Code of Japan or Nidec’s Vice President Regulations.

In addition, Nidec has decided to delegate its authority regarding the Lawsuit to the following attorneys, who served as the members and the assistant of the Investigation Committee, as procedural attorneys:
- Mr. Shin Kikuchi (Attorney-at-law, Gaien Partners);
- Ms. Haruka Matsuyama (Attorney-at-law, Hibiya Park Law Offices); and - Mr. Naoki Ogawa (Attorney-at-law, Hibiya Park Law Offices).

Going forward, Nidec plans to examine, among others, the amounts of compensation to be sought from the aforementioned individuals, and file the Lawsuit as soon as the Company is ready to do so, in which case it will disclose relevant information promptly.

Further, the Investigation Report states that the appropriation of surplus was eventually excluded from the Executive Responsibility Investigation Committee’s investigation, as addressing them would be difficult since the Company did not submit amended securities reports in relation to past fiscal years prior to the submission of the Investigation Report, making uncertain the past distributable amount that should be subject to the investigation. Nidec will act promptly on the responsibility in this matter by examining necessary legal actions such as filing a lawsuit, after completing the correction of past fiscal years’ financial statements.