KYOTO, Japan, April 25, 2007 (PRIME NEWSWIRE) -- Nidec Corporation (NYSE:NJ) and its listed subsidiary companies (collectively, the "Group") announced today that their boards of directors have resolved to propose to the Group's respective Ordinary General Meetings of Shareholders to be held in June 2007 the appointment of Kyoto Audit Corporation as their new independent auditor. The proposed appointment has already been approved by the Group's boards of auditors.
The Group: Nidec Corporation (NYSE:NJ) (TSE:6594) (OSE: 6594)
Nidec Sankyo Corporation (TSE: 7757)
Nidec Copal Corporation (TSE: 7756)
Nidec Tosok Corporation (TSE: 7728)
Nidec Copal Electronics Corporation (TSE: 6883)
Nidec-Read Corporation (OSE: 6833)
The Group's former independent auditor, ChuoAoyama PricewaterhouseCoopers (now Misuzu Audit Corporation) 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. 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 importance of continuity in auditing, the Group appointed Misuzu Audit Corporation as an additional temporary independent auditor to conduct a joint audit with Umeyama Accounting Firm. On September 27, 2006, Umeyama Auditing Firm resigned as the Group's temporary independent auditor, following the expiration of its two-month term of service. The term of service of Misuzu Audit Corporation will also expire at the close of the Group's Ordinary General Meetings of Shareholders to be held in June 2007.
Independent Auditor to Appoint
Firm Name: Kyoto Audit Corporation
Address: Kyoto Mitsui Building, 7th Floor 8,
Naginatahoko-Cho Karasuma-Higashi-Iru Shijodori,
Shimogyo-Ku, Kyoto-Shi, Kyoto-Fu 600-8008 Japan
Independent Auditor to Retire
Firm Name: Misuzu Audit Corporation
Address: Kasumigaseki Building, 3-2-5 Kasumigaseki,
Chiyoda-ku, Tokyo, Japan
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