Nidec Chief Apologizes to Shareholders for Scandals

Kyoto, June 18 (Jiji Press)--Nidec Corp. President and CEO Mitsuya Kishida at an annual general shareholders meeting Thursday expressed regret over the major motor manufacturer's accounting and quality scandals.

"We deeply apologize," Kishida said during the meeting in the western Japan city of Kyoto. "We will thoroughly identify the problems and make fundamental improvements," vowing to rebuild the company.

The meeting lasted nearly four hours, an unprecedented length, as Nidec executives were bombarded with questions from shareholders.

Several shareholders called for the company's founder, Shigenobu Nagamori, to be held accountable for the scandals. One participant urged management to file a lawsuit against him for damages, while another argued that quality irregularities could be fatal to a manufacturer.

Meanwhile, a different shareholder expressed hope for the company's revival and long-term growth.

[Copyright The Jiji Press, Ltd.]