Nidec, the major motor manufacturer, announced on the 10th that an individual shareholder has filed a shareholder derivative lawsuit seeking approximately 28.7 billion yen in damages from founder Shigenobu Nagamori and one other former director, two people in total. The defendants are Nagamori and Hiroshi Obu, both former directors of the company. The suit was filed with the Kyoto District Court, and the plaintiff alleges that Nagamori and the others carried out illegal share buybacks and dividends exceeding the distributable amount under the Companies Act. This is the first shareholder derivative lawsuit against Nidec to come to light since the accounting irregularities were discovered.
Nidec CorporationIndividual shareholder filed a derivative lawsuit seeking 28.7 billion yen in damages from founder Nagamori and another former director over alleged illegal buybacks and dividends.
