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Japan Wind to Be Taken off Tokyo Exchange Monitoring

July 29 (Bloomberg) -- Japan Wind Development Co. will be taken off monitoring for potential delisting from the Tokyo Stock Exchange tomorrow, the bourse said in a statement.

Tokyo-based Japan Wind missed a June 30 deadline to file an annual securities report after changing its auditor, giving it one month to submit the report to avoid delisting from the stock exchange. The company filed the report today, the Tokyo Stock Exchange said in a statement.

Japan Wind dismissed auditor Ernst & Young ShinNihon LLC after the company rejected the findings of an internal investigation, according to a June 14 filing. Japan Wind had set up a committee of outside experts to look into three memoranda an employee wrote to clients undertaking to supply turbines and batteries without the company’s approval.

That committee found that the memos weren’t legally binding and didn’t pose inventory or procurement risks, according to the company’s filing. Ernst & Young ShinNihon said in a statement released by the stock exchange on June 16 it still had doubts about the facts of the memoranda.

Japan Wind’s shares have declined 21 percent since the filing on June 14. The stock gained 2.5 percent to 145,800 yen today at the 3 p.m. close on the Tokyo Stock Exchange.

To contact the reporters on this story: Stuart Biggs in Tokyo at sbiggs3@bloomberg.net; Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net.

To contact the editor responsible for this story: Alex Devine at adevine3@bloomberg.net

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