OKK submits annual securities report

On October 6, 2021, machine tool builder OKK submitted its annual securities report for the fiscal year ended March 31, 2021 to Kanto Local Finance Bureau. OKK had overstated inventories in past financial results, and the release of its financial results and annual securities report had been delayed due to an investigation into the cause of the overstatement.

On October 12, 2021, the company also announced its financial results for the first quarter of fiscal year ending March 31, 2022.

If OKK failed to submit its annual securities report by October 6 and first quarter financial results by October 12, it could have been delisted. However, the company was able to submit its annual securities report and financial results by the deadline, so it will remain listed.

President Yoshio Hamabe took responsibility for the inappropriate accounting and will step down on November 10, and Director Yoshihide Morimoto, Managing Executive Officer, will take over as the new president on the same day.

On October 27th, SEISANZAI Japan editorial team will announce OKK’s financial results for the fiscal year ending March 2021 and the first quarter of the fiscal year ending March 2022.

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