Publication of the Public Version of the Special Investigation Committee's Investigation Report and Future Actions
VALUE CREATION CO.,LTD.
The transactions in question with ジー・プラン株式会社, including advertising agency transactions involving the Company's downstream counterparties A, C and G, among others
The lack of means to independently verify the existence of transactions, the difficulty of confirming their existence, the failure to verify the order-taking capacity of downstream counterparties, and the concentration and personalization of duties in specific individuals
Company response
The GP transactions in question with ジー・プラン株式会社 have been completely terminated.
An independent Special Investigation Committee of external experts, established on 17 February 2026 and composed of attorney Ooshita Yoshihito (大下良仁), attorney and certified fraud examiner Watanabe Osamu (渡辺治), and certified public accountant and tax accountant Goto Yukio (後藤幸男). The investigation was conducted through 7 May 2026.
Basic principles, stricter requirements for disclosing deliverables, institutionalization of reviews of downstream counterparties' order-taking capacity, organizational sharing of transaction information and checking functions, and strengthening of the internal audit function
President and Representative Director Shintani Akito (新谷晃人) will have his monthly remuneration reduced by 65% for 12 months. Director Osakaya Yusuke (大坂谷優介) will have his monthly remuneration reduced by 56% for 12 months.
The Company expects to revise revenue of ¥1,632.766 million. Following the revision, this amount is scheduled to be removed from revenue and recorded as non-operating income. The impact on net income for each accounting period is expected to be minor.
From the fiscal year ended February 2019 through the fiscal year ending February 2026
The impact on net income for each accounting period is expected to be minor. The Company plans to disclose its financial results for the fiscal year ending February 2026 promptly after completing the necessary procedures.
Related procedures
Investigation by the Special Investigation Committee
The Company will consult with its accounting auditor and conduct the necessary review procedures, and will proceed with filing amended reports, making disclosures through corrections to its earnings reports and other documents, strengthening its internal control and corporate governance systems, and formulating measures to prevent recurrence. The Company plans to promptly disclose its delayed financial results for the fiscal year ending February 2026.
The Company plans to file amended reports and make disclosures through corrections to its earnings reports and other documents. It plans to disclose its financial results for the fiscal year ending February 2026 promptly after completing the necessary procedures.
| Item | Details |
|---|---|
| Event name | Publication of the Public Version of the Special Investigation Committee's Investigation Report and Future Actions |
| Date of occurrence | From around August 2018 through November 2025 (the transaction period related to the fictitious circular transactions) |
| Date recognized / date notice received | 17 February 2026 (the date on which the Company determined that an investigation into the疑義 was necessary) |
| Subject Entity | VALUE CREATION CO.,LTD. |
| Target Locations / Products | The transactions in question with ジー・プラン株式会社, including advertising agency transactions involving the Company's downstream counterparties A, C and G, among others |
| Cause | The lack of means to independently verify the existence of transactions, the difficulty of confirming their existence, the failure to verify the order-taking capacity of downstream counterparties, and the concentration and personalization of duties in specific individuals |
| Amount of Impact on Business Performance | The Company expects to revise revenue of ¥1,632.766 million. Following the revision, this amount is scheduled to be removed from revenue and recorded as non-operating income. The impact on net income for each accounting period is expected to be minor. |
| Accounting period in which recognized | From the fiscal year ended February 2019 through the fiscal year ending February 2026 |
| Impact on Earnings Forecast | The impact on net income for each accounting period is expected to be minor. The Company plans to disclose its financial results for the fiscal year ending February 2026 promptly after completing the necessary procedures. |
| Type of litigation or proceeding | Investigation by the Special Investigation Committee |
| Suspended operations | The GP transactions in question with ジー・プラン株式会社 have been completely terminated. |
| Investigation structure | An independent Special Investigation Committee of external experts, established on 17 February 2026 and composed of attorney Ooshita Yoshihito (大下良仁), attorney and certified fraud examiner Watanabe Osamu (渡辺治), and certified public accountant and tax accountant Goto Yukio (後藤幸男). The investigation was conducted through 7 May 2026. |
| Measures to prevent recurrence | Basic principles, stricter requirements for disclosing deliverables, institutionalization of reviews of downstream counterparties' order-taking capacity, organizational sharing of transaction information and checking functions, and strengthening of the internal audit function |
| Directors' and officers' liability | President and Representative Director Shintani Akito (新谷晃人) will have his monthly remuneration reduced by 65% for 12 months. Director Osakaya Yusuke (大坂谷優介) will have his monthly remuneration reduced by 56% for 12 months. |
| Outlook | The Company will consult with its accounting auditor and conduct the necessary review procedures, and will proceed with filing amended reports, making disclosures through corrections to its earnings reports and other documents, strengthening its internal control and corporate governance systems, and formulating measures to prevent recurrence. The Company plans to promptly disclose its delayed financial results for the fiscal year ending February 2026. |
| Planned follow-up disclosure | The Company plans to file amended reports and make disclosures through corrections to its earnings reports and other documents. It plans to disclose its financial results for the fiscal year ending February 2026 promptly after completing the necessary procedures. |
Items this document does not state (9)
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.The report identified as causes the lack of means to independently verify the existence of transactions, the difficulty of confirming their existence, the failure to verify the order-taking capacity of downstream counterparties, and the concentration and personalization of duties in specific individuals. It also pointed out areas for improvement in the transaction management framework and internal controls.