NHK Spring Co Ltd (5991.T)

5991.T on Tokyo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

R&I affirms NHK SPRING's rating at "A-" and stable outlook
Monday, 2 May 2016 

NHK SPRING CO LTD:Rating and Investment Information, Inc. (R&I) has affirmed the rating on the company at "A-".The rating outlook is stable.  Full Article

NHK SPRING CO LTD - Behind the Scenes / NHK subsidiaries must be reviewed urgently - YOMIUR
Tuesday, 15 Mar 2016 

NHK SPRING CO LTD:The string of scandals involving NHK, including embezzlement of a hefty sum of money by employees at one of its subsidiaries, has sparked calls to reform all NHK Group companies.The General Council of the ruling Liberal Democratic Party twice put off approving the NHK fiscal 2016 draft budget before eventually doing so on Feb. 5.Internal Affairs and Communications Minister Sanae Takaichi attached her opinion to NHK's draft budget, saying, "Conducting a zero-based review of how NHK's subsidiaries should be run is a matter of urgency.NHK is faced with the need to respond to such calls promptly.On Feb. 9, two male employees of NHK ITEC Inc., an NHK subsidiary, were dismissed as disciplinary measures for having pocketed a total sum of about 198 mln yen in the course of placing business orders, including fabricated ones, worth about 260 mln yen over a period from 2009 to 2015.In the meantime, it was also decided that five top executives of the subsidiary, including president Keiichi Kubota, would resign to take responsibility.A male deputy director of a department at the subsidiary's Kyushu branch office was also suspected of having received about 5 mln yen in illicit funds through fictitious business orders and other means.Even at NHK itself, a male newscaster was served a summary order by the Tokyo Summary Court for manufacturing and possessing a substance labeled a "dangerous" drug in violation of the Pharmaceuticals and Medical Devices Law.  Full Article