Securities and Exchange Surveillance Commission investigation concerning a former executive and its impact on the business
First written in FY2023-Q1. 3 of 5 entries say "Materialised", first in FY2023-Q2. Latest entry: FY2024-Q2.
No other company in this theme has enough history to compare yet.
- FY2024-Q2MaterialisedAnnual report
「A former officer of our company had been indicted by the Tokyo District Public Prosecutors Office on 7 June 2023 on charges of violating the Financial Instruments and Exchange Act (insider trading regulations). On 5 October 2023, the former officer was found guilty and sentenced to 1 year and 6 months' imprisonment, suspended for 3 years.」
The company states that the matter originating with the Securities and Exchange Surveillance Commission's investigation into a former officer progressed to a guilty verdict. - FY2024-Q1WorsenedAnnual report
「On 18 May 2023, a former officer of our company was arrested by the Tokyo District Public Prosecutors Office on suspicion of violating the Financial Instruments and Exchange Act (insider trading regulations), and was indicted on 7 June 2023.」
The company states that the investigation by the Securities and Exchange Surveillance Commission, which had been disclosed through the previous fiscal year, progressed to the arrest and indictment of a former officer. In response, the company is strengthening its compliance, information management, conflict-of-interest management, risk management systems and governance. - FY2023-Q3MaterialisedAnnual report
「For ordinary equity consulting projects (less than ¥50 million), although some existing customers terminated their contracts due to the impact of the Securities and Exchange Surveillance Commission's investigation and related matters, the company has continued to receive mandates for comprehensive equity consulting based on strong relationships of trust with customers in the group's services. For large projects (¥50 million or more), orders declined substantially after June 2022, partly because the company was unable to actively propose and execute a wide range of corporate reorganizations and M&A transactions involving PA and FA services, primarily contests for corporate control.」
The company states that the impact of the Securities and Exchange Surveillance Commission's investigation and related matters, including some existing customers terminating their contracts and a substantial decline in orders for large-scale PA and FA projects, continued into the third quarter. - FY2023-Q2MaterialisedAnnual report
「For ordinary equity consulting projects (less than ¥50 million), although some existing customers terminated their contracts after June 2022 due to the impact of the Securities and Exchange Surveillance Commission's investigation and related matters, the company has continued to receive mandates for comprehensive equity consulting based on customers' trust in the group's services. For large projects (¥50 million or more), orders declined substantially after June 2022, partly because the company was unable to actively propose and execute a wide range of corporate reorganizations and M&A transactions involving PA and FA services, primarily contests for corporate control.」
The company states that the investigation actually resulted in some existing customers terminating their contracts and a substantial decline in orders for large-scale PA and FA projects. - FY2023-Q1First statedAnnual report
「We deeply apologize for causing significant concern following the Securities and Exchange Surveillance Commission's investigation into a former officer of the company, which began on 1 June 2022.」
The company first explicitly disclosed the commencement of the Securities and Exchange Surveillance Commission's investigation into a former officer. The text also describes business impacts of the investigation, including deferral of the timing of new contracts and delays in launching large-scale PA and FA projects, but does not yet disclose the investigation's findings.