Tokyo, Oct. 29 (Jiji Press)--Major Japanese motor manufacturer Nidec Corp., mired in an accounting scandal, said Wednesday that it would miss its target of obtaining an audit firm's "unqualified opinion" on its fiscal 2025 securities report by the end of this month.

Nidec was unable to complete procedures sought by audit firm PwC Japan Group, including confirming whether its executives or employees were involved in irregularities.

The company plans to submit an internal control-related document to the Tokyo Stock Exchange on Friday, despite the lack of an unqualified opinion for its securities report for the year that ended in March 2026. An unqualified opinion is given when corporate financial statements are produced appropriately based on accounting standards.

Based on the internal control document, the TSE will decide whether to keep Nidec listed on the exchange or delist it. The process to make the decision is expected to take several months.

In September, 2025, Nidec announced suspected accounting fraud. The following month, the TSE designated the company's stock as an issue on special alert, an action that is taken against a firm with internal control system flaws. The stock exchange urged Nidec to submit an internal control report.

Michio Kaida (right), president of scandal-hit Japanese motor maker Nidec, offers an apology at a press conference in Tokyo on Wednesday.
The logo of Nidec

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