Nagamori’s wealth has declined to around $3.3 billion since the crisis took a turn for the worse last month, according to the Bloomberg Billionaires Index. Nidec shares account for almost half of the 82-year-old’s fortune, including stock held by asset management companies under his control. Nidec’s stock slumped to its lowest in a decade this week and is down 38% since late September on growing investor concerns about whether the company can move past the scandal.
The manufacturer ultimately revealed a ¥565 billion ($3.6 billion) net loss for the year ended March after recording a ¥632 billion impairment, and announced the sudden exit of Mitsuya Kishida as chief executive officer. The fallout has continued into October, with an investigatory committee finding Nagamori and other executives, including Kishida, liable for damages connected to years of widespread fraud. Nidec said Tuesday it’s considering legal action against them after it has restated financial results.
The precision-motor manufacturer has been mired in turmoil ever since accounting misconduct and quality control issues were uncovered in 2025 across subsidiaries in Italy, Switzerland and China, as well as its car inverter business. The beginnings of Nidec can be traced back to a shed in Kyoto in 1973, where Nagamori and his peers worked 16-hour days to build the company from scratch.
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