TOKYO, Mar 25 (Pulse News Wire) – f-code Inc. (9211.T) received the results of an independent investigation today, concluding there was no involvement by the company or its officers in past allegations involving improper payments and potential revenue irregularities.
The probe, conducted by external legal and accounting experts over approximately one month, found no evidence suggesting the company's previous revenues had significant accounting discrepancies. The investigation focused on several key areas, including transactions with companies A and B, which were scrutinized for their validity and fairness. While some concerns remained regarding certain transactions' documentation consistency, overall, the report deemed the dealings legitimate without substantial irregularities.
Additionally, the inquiry could not substantiate claims that former executive officer Masaharu Kudo received kickbacks during his tenure. In light of these findings, f-code stated it would consider appointing an outside director with legal qualifications to ensure timely and appropriate responses to future misconduct suspicions. The company also apologized for causing concern among shareholders and stakeholders due to the actions of the former executive officer while in office.
No changes were made to the company’s earnings forecast for the current period.
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