Nidec, one of Japan’s most acquisitive companies, launched a probe into “improper accounting”, sending the motor maker’s shares down by as much as 22 per cent on Thursday.
The parts supplier to major automakers including Volkswagen and BMW said late on Wednesday that it was establishing a third-party committee to investigate accounting practices at its Chinese subsidiary Nidec Techno Motor.
The subsidiary was suspected of improper accounting after Nidec was notified of a discounted Rmb10mn ($1.4mn) lump sum payment to a supplier, said the company.
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