Air Water Inc. TSE:4088
Air Water : Regarding the Investigation Results, Disciplinary Actions Against Relevant Parties, and Details of Recurrence Prevention Measures Concerning the Inappropriate Accounting Issue
Source: MarketScreener
April 3, 2026 AIR WATER INC．
Agenda
Contents
- Overview of the Investigation Results P.3
- Disciplinary Actions Against Relevant Parties P.９
- Details and Progress of Recurrence Prevention Measures P.11
Notes
The numerical targets and forecasts presented in this document reflect the judgment of our company based on information currently available and involve potential risks and uncertainties. Therefore, the reader should note that actual business performance may differ significantly from the projections made herein due to changes in various factors.
- Air Water Inc.'s financial statements are prepared in accordance with "IFRS"(International
Ⅰ. Overview of the Investigation Results
Background
Regarding the Investigation by the Special Investigating Committee
July 2025 | Improper accounting related to inventories (deferral of loss recognition) was identified at a consolidated subsidiary. |
October 9, 2025 | A Special Investigating Committee composed of external experts was established. |
November 13, 2025 | A Management Reform Committee was established. |
November 14, 2025 | Approval was obtained for an extension of the deadline for submission of the semiannual report (announcement of results for the second quarter of the fiscal year ending March 2026 was postponed). |
December 3, 2025 | The Chairman of the Board resigned. |
January 30, 2025 | Appointment of an Outside Director as Chair of the Board of Directors |
February 6, 2026 | The Company disclosed the summary of financial results for the third quarter of the fiscal year ending March 2026 more than 45 days after the quarter-end. |
February 12, 2026 | The Company received the investigation report of the Special Investigating Committee (as of February 9). |
February 13, 2026 | ・Submission of the Semi-Annual Securities Report (Auditor's Review with a "Qualified Conclusion") ・Announcement of Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2026 ・Announcement of the Outline of Recurrence Prevention Measures |
March 31, 2026 | Receipt of the Investigation Report from the Special Investigating Committee |
April 3, 2026 | Announcement of Disciplinary Actions Against Relevant Parties and Details of Recurrence Prevention Measures |
Establishment of the Special Investigating Committee
Establishment of the Special Investigating CommitteeComposition
Chairperson： Masatoshi Obara (Attorney-at-law; Partner, Kikkawa Law Office; Former President of the Osaka Bar Association; Former Vice President of the Japan Federation of Bar Associations)
Member: Wataru Nakamori (Attorney-at-law; Partner, Kitahama Law Office)
Member: Mamoru Honda (Certified Public Accountant; Partner, PwC Risk Advisory LLC)
Scope of Investigation
Investigation of the facts
Investigation into the existence of similar matters
Assessment of the impact amount
Identification of root causes and recommendations for recurrence prevention measures
Other matters deemed necessary by the Committee
Extended Investigation Items (Pending Matters as of February 9, 2026)
Investigation of Pending Matters（(i) Air Water Mechatronics(ii) Air Water Disaster Prevention(iii) Other matters）
Confirmation of the Implementation Status of Workshops*
Confirmation of the Results of Adjusting Journal Entries Identified Through Voluntary Self Inspections
5
* A workshop is a session in which multiple employees - primarily f rom our company and group companies where suspected improper acc ounting
practices have been identified - are asked to participate simultaneously to provide information.