Update : May 13, 2013
[Tokyo Stock Exchange, Inc.]
TSE has taken the Public Announcement Measure and requested an Improvement Report as follows.
|1. Company Name||
TSUBAKIMOTO KOGYO CO., LTD.
(Code: 8052, Market Division: 1st Section)
|2.Date of Public Announcement Measure||
May 10, 2013 (Fri.)
Securities Listing Regulations, Rule 508, Paragraph 1, Item 1
(Due to a public announcement being deemed necessary in cases where TSE has recognized a violation of the matters to be observed when conducting disclosure)
|3.Improvement Report Submission Deadline||May 24, 2013 (Fri.)|
Securities Listing Regulations, Rule 502, Paragraph 1, Item 1
(Due to improvements being deemed highly necessary in cases where TSE has recognized a violation of the matters to be observed when conducting disclosure)
TSUBAKIMOTO KOGYO CO., LTD. (hereinafter, “the Company”) disclosed, on May 8, 2013, the result of inspection by the third-party committee, a plan to amend past earnings reports, etc., and an outline of such amendments. On May 10, 2013, the Company disclosed that it submitted amendment reports for past securities reports, etc., and that it was planning to amend past earnings reports, etc. on May 17, 2013.
As a result, the Company was found to have disclosed earnings information requiring material amendments during the period from the fiscal year ended March 2008 to the 3rd quarter of the fiscal year ended March 2013 due to the inappropriate acts including fictitious sales and purchases with multiple client companies.
This case was caused by improper account processing due to inappropriate acts involving some employees and it is deemed that the Company had not implemented effective organizational structure to check for such improprieties.
Based on the above, this case is deemed to (i) be in violation of matters to be observed related to timely disclosure, (ii) have considerable influence on investment decisions and (iii) require public announcement. Thus, TSE shall implement public announcement measures.
Furthermore, this is a case of inappropriate disclosure arising from deficiencies in the Company’s organizational structure for conducting timely disclosure, and improvements to the organizational structure are deemed highly necessary. As such, TSE shall require the Company to submit a report containing the background of the issue and improvement measures.
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