Nidec Warns of $1.6 Billion Charges From Accounting Scandal

Nidec Corp. may book ¥250 billion ($1.6 billion) in impairment charges as it begins tallying the cost of an accounting scandal that’s forced a leadership exodus and reportedly sparked an investigation from Japan’s securities commission.

Nidec warned there could be additional charges that would impact its past financial results, with third-party investigators saying Tuesday they’ve uncovered at least 1,000 instances of improper accounting. The company hasn’t disclosed a timeline for the release of its revised financial reports.