May 12,2015
KDDI Corporation
As notified by KDDI Corporation (KDDI) on March 25, 2015, DMX Technologies Group Limited (DMX, located in Hong Kong and listed on the main board of the Singapore Exchange, or the SGX), a KDDI overseas consolidated subsidiary, has provided notice to the SGX regarding irregular accounting practices conducted by its subsidiaries in 2008 and 2009.
Currently within DMX, the following are being conducted: (i) an investigation by its internal investigating committee formed under the new management team led by the new CEO; (ii) a financial audit by DMXs accounting auditor; and (iii) investigations by external attorneys including investigations regarding its previous transactions, the financial impact and where responsibility lies. During those processes, in addition to the above-mentioned irregular accounting practices regarding the transactions in 2008 and 2009, new questions have arisen regarding the collectability and soundness of accounts receivable and other assets related to some of the transactions.
Considering those incidents, KDDI has posted loss on business of overseas subsidiaries (extraordinary loss), as much as 33,798 million yen, in its consolidated financial statements announced today, as a possible future loss attributed to the incidents.
KDDI has also launched its own investigation into this matter. Additionally, as of today KDDI has established an investigating committee composed of external experts (External Investigating Committee) aiming (i) to investigate and analyze KDDIs capital participation in DMX and KDDIs governance on DMX and its subsidiaries since its capital participation in DMX, and (ii) to investigate the causes of the incidents and to develop preventive measures for the future.
Chairman Yukio Machida Attorney (former Deputy Prosecutor-General, Supreme Public Prosecutors Office)
Member Mikio Yamaguchi Attorney (former Deputy Chief Prosecutor, the Hiroshima District Public Prosecutors Office)
Member Toshifumi Takaoka Certified Public Accountant
None of the committee members has special interests in the KDDI Group.
KDDI will issue a report promptly after the outcome of the investigation by the External Investigating Committee is known.
We wish to express our sincerest apologies to our shareholders and investors for the enormous inconvenience and concerns that this incident may cause.
The information contained in the articles is current at the time of publication.
Products, service fees, service content and specifications, contact information, and other details are subject to change without notice.
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May 12,2015
