20:57 on July 10 to ask TSE Japan Display to pay a penalty of 60 million yen
The Japan Stock Exchange demanded that the Tokyo Stock Exchange pay a penalty of more than 60 million yen, saying that Japan Display, an LCD panel maker, repeated improper accounting procedures over the years to correct past financial results and undermine investor confidence. ..
Japan Display, which is listed on the First Section of the Tokyo Stock Exchange, was found to have been improperly accounting, such as inflating its inventory for the last seven years and recording it as a company asset. Fixed financial statements.
At the Tokyo Stock Exchange, improper accounting is performed mainly by the CFO at that time, the chief financial officer and the person in charge of accounting, and internal audits are not carried out for the department in charge of accounting. I decided that I broke my credibility by giving out my lie information.
For this reason, based on the regulations, we requested payment of a penalty of 62.4 million yen and submitted a summary of information disclosure improvement measures in a report by 28th of this month.
If the information is not properly disclosed after the report is submitted, the Tokyo Stock Exchange will designate Japan Display shares as a “special caution market stock” and call attention to investors.
Japan Display Co., Ltd. commented, "We will take it seriously, and will make further efforts to reform to prevent recurrence and make every effort to restore trust."