KYOTO, Japan, Sept. 27, 2006 (PRIMEZONE) -- Nidec Corporation and its listed subsidiary companies (collectively, the "Group")(a) announced today that one of their two temporary independent auditors, Umeyama Auditing Firm, tendered its resignation effective September 27, 2006, following the expiration of its two-month term of service. The Group continues to engage the remaining temporary independent auditor, Misuzu Audit Corporation (formerly ChuoAoyama PricewaterhouseCoopers), to audit the Group's financial and business operations.
(a)The Group: Nidec Corporation (NYSE:NJ) (Tokyo, OSE:6594)
Nidec Sankyo Corporation (Tokyo:7757)
Nidec Copal Corporation (Tokyo:7756)
Nidec Tosok Corporation (Tokyo:7728)
Nidec Copal Electronics Corporation (Tokyo:6883)
Nidec-Read Corporation (OSE:6833)
The Group's former independent auditor, ChuoAoyama PricewaterhouseCoopers, was ordered to suspend operations (except SEC audit based on the U.S.GAAP) for two months from July 1, 2006 to August 31, 2006 by Japan's Financial Services Agency. As a result, the audit firm was disqualified from acting as an accounting auditor and resigned as independent auditor for the Group effective immediately. In order to avoid the absence of an independent auditor, the Group engaged Umeyama Accounting Firm as its temporary independent auditor effective July 20, 2006. On September 1, 2006, the Group's former independent auditor resumed operations under the new name of Misuzu Audit Corporation. In consideration of the audit firm's familiarity with the Group's businesses and the importance of continuity in auditing, the Group's boards of auditors agreed to appoint Misuzu Audit Corporation as an additional temporary independent auditor to conduct a joint audit with Umeyama Accounting Firm. On September 27, 2006, the Group has accepted the resignation of Umeyama Accounting Firm as its temporary independent auditor upon the expiration of the firm's two-month term of service.
Temporary Independent Auditor to Resign
Firm Name: Umeyama Accounting Firm
Address: 1-8-12 e.e. Building (11th Floor), Noji-cho,
Kusatsu, Shiga, Japan
Date of Resignation: September 27, 2006
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