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Nidec launches probe into excess dividends but won't claw them back

Japanese motor maker discloses share repurchase amount was also over limit

Nidec will not ask shareholders to return the excess dividends that were paid in error. (Photo by Kosaku Mimura)

KYOTO, Japan -- Nidec paid shareholders more than it was supposed to in dividends and conducted a share buyback that also exceeded the distributable amount, the Japanese motor maker said Friday.

The two accounting errors -- the overpaid dividends occurred in the April-September period of 2022 while the share buyback happened between Sept. 1, 2022 and March 31 -- were serious mistakes, according to an attorney familiar with corporate law.

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