{"text":[[{"start":10.95,"text":"Nidec’s auditor said it was still unable to sign off on the scandal-struck Japanese company’s accounts despite it booking fresh impairment charges of ¥632bn ($4bn) following an accounting fraud."}],[{"start":24.7,"text":"PwC Japan said that it could not obtain sufficient evidence to provide an opinion on the delayed accounts, as the crisis for the world’s largest motor parts maker continues to spiral following an accounting scandal that erupted last year."}],[{"start":38.55,"text":"Nidec chief executive Mitsuya Kishida was forced to resign earlier this week ahead of a slew of fresh impairments being unveiled. "}],[{"start":45.949999999999996,"text":"The supplier to carmakers Volkswagen and BMW has already cut ties with its charismatic but divisive founder, Shigenobu Nagamori. His culture of excessive pressure to achieve results, including telling employees to clean the toilets with toothbrushes, has been blamed for many of the company’s issues."}],[{"start":63.55,"text":"The auditor on Wednesday cited the ongoing involvement in the financial reporting process of individuals involved or aware of improper accounting practices, or who had previously provided false statements to it."}],[{"start":75.89999999999999,"text":"PwC Japan cautioned that it was “unable to determine the reasonableness and completeness of the restated amounts and disclosures” and undiscovered misstatements could have “material and pervasive” effects on the financial statements."}],[{"start":90.35,"text":"The disclaimer, coming on the heels of the fresh writedowns, is another blow to Nidec’s efforts to draw a line under an accounting fraud in which profits were inflated. The scandal has hit investor confidence and sent shares down sharply this week."}],[{"start":105.5,"text":"Japan’s biggest accounting fraud in a decade has threatened to plunge Nidec into a break-up or takeover battle, although outside executives and investors question whether the Japanese government would allow the motor giant to befall a similar fate to Toshiba. "}],[{"start":119.8,"text":"Nidec could face delisting in October if it cannot prove to the Tokyo Stock Exchange that it has sufficiently overhauled its internal controls and governance practices."}],[{"start":130.15,"text":"The accounts released on Wednesday detailed a ¥632bn impairment charge for the financial year ending in March, leading to a record ¥564bn loss. That came alongside disclosure of a cumulative impact of ¥482bn on net assets related to corrections of accounting misstatements as of the end of the second quarter of 2025."}],[{"start":152.45000000000002,"text":"Founded in 1973 in a prefabricated hut in Kyoto by Nagamori and three fellow graduates, Nidec went on to make 75 acquisitions in 42 years to become the world’s dominant motor-parts manufacturer. "}],[{"start":167.10000000000002,"text":"PwC Japan declined to comment."}],[{"start":178.75000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790770016_2289.mp3"}