KYOTO, Japan, July 20, 2006 (PRIMEZONE) -- Nidec Corporation and its listed subsidiary companies (collectively the "Group")(a) announced that at the meetings of their respective Boards of Auditors held today, the Group resolved to appoint temporary independent auditors pursuant to the provisions set forth in Article 346, paragraphs 4 and 6 of the Company Law of Japan.
The details are as follows.
(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)
1. Reason for the Appointment
On May 10, 2006, ChuoAoyama PricewaterhouseCoopers was ordered to suspend its operations (other than SEC audit based on the U.S.GAAP) by the Financial Services Agency of Japan for two months from July 1, 2006 through August 31, 2006. As a result, the audit firm was disqualified from acting as an accounting auditor and resigned as the independent auditor for the Group on July 1, 2006. In order to avoid the absence of an independent auditor during the two-month period, the Group today engaged "Umeyama Accounting Firm" as its temporary independent auditor. Additionally, in consideration of the importance of continuity in auditing, the Group has also decided to appoint ChuoAoyama PricewaterhouseCoopers as its temporary independent auditor effective September 1, 2006, after their term of business cessation is completed.
2. Temporary Independent Auditors to Appoint
a) Firm name:
Umeyama Accounting Firm
Address:
1-8-12 e.e. Building (11th Floor), Noji-cho, Kusatsu, Shiga,
Japan
Date of Engagement:
July 20, 2006
b) Firm name:
ChuoAoyama PricewaterhouseCoopers
Address:
3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo, Japan
Date of Engagement:
September 1, 2006
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