Worth reading
73In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
113981
¥ thousand (maximum adjustment to revenue and operating profit)Wording
Avoiding a definitive answer
How definitive the wording is.Decision and Details
Publication of the public version of the Special Investigation Committee's investigation report
Decision7 August 2026 (publication date)
Period CoveredThe investigation was conducted from 29 May 2026 to 5 August 2026. The period covered for calculating the accounting impact was from August 2024 (fiscal year ended December 2024) to March 2026 (fiscal year ended December 2026).
Implementation7 August 2026 (completed: publication of the investigation report)
Going forwardThe report states that, if facts are identified sufficient to support the conclusion that some or all of the transactions deemed to lack underlying substance had underlying substance, the relevant amounts will be deducted from the required adjustment. As measures to prevent recurrence, the report recommends considering and establishing arrangements concerning whether M Co. should continue operating, the role of its freight forwarding business, internal controls, and subsidiary management functions.
AmountMaximum accounting impact: revenue: −¥113,981 thousand; operating profit: −¥113,981 thousand (−¥35,102 thousand for the fiscal year ended December 2024, −¥69,506 thousand for the fiscal year ended December 2025, and −¥9,372 thousand for the fiscal year ended December 2026)
Quantity / scaleA total of 231,081 electronic data items were collected and preserved, of which 11,028 were reviewed in detail. Interviews were conducted with relevant parties 21 times in total, involving 14 people. Responses were received from 30 of A Co.'s 48 offices, representing a response rate of 62.5%.
Reason
Protection of personal privacy and confidential information belonging to business partners and other parties. The public version of the investigation report has been completed.
Impact on Business Performance
Although the specific adjustment amount cannot be clearly determined, the maximum estimated adjustment to revenue and operating profit is ¥113,981 thousand in total, assuming that all transactions with 8 companies lacked underlying substance. If facts are subsequently identified that support the conclusion that the transactions had underlying substance, the relevant amounts will be deducted from the required adjustment.
| Item | Details |
|---|---|
| Matter Covered | Publication of the public version of the Special Investigation Committee's investigation report |
| Decision Date | 7 August 2026 (publication date) |
| Implementation Date | 7 August 2026 (completed: publication of the investigation report) |
| Period Covered | The investigation was conducted from 29 May 2026 to 5 August 2026. The period covered for calculating the accounting impact was from August 2024 (fiscal year ended December 2024) to March 2026 (fiscal year ended December 2026). |
| Amount | Maximum accounting impact: revenue: −¥113,981 thousand; operating profit: −¥113,981 thousand (−¥35,102 thousand for the fiscal year ended December 2024, −¥69,506 thousand for the fiscal year ended December 2025, and −¥9,372 thousand for the fiscal year ended December 2026) |
| Quantity / scale | A total of 231,081 electronic data items were collected and preserved, of which 11,028 were reviewed in detail. Interviews were conducted with relevant parties 21 times in total, involving 14 people. Responses were received from 30 of A Co.'s 48 offices, representing a response rate of 62.5%. |
| Impact on Business Performance | Although the specific adjustment amount cannot be clearly determined, the maximum estimated adjustment to revenue and operating profit is ¥113,981 thousand in total, assuming that all transactions with 8 companies lacked underlying substance. If facts are subsequently identified that support the conclusion that the transactions had underlying substance, the relevant amounts will be deducted from the required adjustment. |
| Reason | Protection of personal privacy and confidential information belonging to business partners and other parties. The public version of the investigation report has been completed. |
| Governing Rule | Article 2, Paragraph 1 of the Freight Forwarding Business Act; Guidelines for Third-Party Committees in Corporate Misconduct Cases issued by the Japan Federation of Bar Associations (although this committee is not a third-party committee established in accordance with those guidelines) |
| Related previous disclosures | Notice Regarding Receipt of the Investigation Report by the Special Investigation Committee, dated 5 August 2026 |
| Future plans | The report states that, if facts are identified sufficient to support the conclusion that some or all of the transactions deemed to lack underlying substance had underlying substance, the relevant amounts will be deducted from the required adjustment. As measures to prevent recurrence, the report recommends considering and establishing arrangements concerning whether M Co. should continue operating, the role of its freight forwarding business, internal controls, and subsidiary management functions. |
Items this document does not state (1)
Decision-Making Body
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Partial redactions had been made to protect personal privacy and confidential information belonging to business partners and other parties. This process has now been completed. Because the report cannot conclusively determine the specific transaction amounts relating to transactions lacking underlying substance, it presents a maximum estimate based on the assumption that all transactions with 8 companies lacked underlying substance.
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