OKK avoids delisting by submitting delayed securities report and financial results

October 25, 2021

OKK submits overdue 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 the Kanto Local Finance Bureau. The submission had been delayed due to an internal investigation into overstated inventory figures in past financial results.

First-quarter results for FY2022 also released

On October 12, 2021, the company released its financial results for the first quarter of fiscal year ending March 31, 2022. OKK had been required to submit the annual report by October 6 and the quarterly results by October 12. Missing either deadline would have triggered delisting procedures.

However, as both were submitted on time, OKK avoided delisting and will remain on the stock exchange.

Management change follows accounting issues

President Yoshio Hamabe will step down on November 10 to take responsibility for the inappropriate accounting practices. Director and Managing Executive Officer Yoshihide Morimoto is scheduled to succeed him as president on the same day.

SEISANZAI Japan’s editorial team plans to publish a detailed report on OKK’s financial results for the fiscal year ended March 2021 and the first quarter of fiscal 2022 on October 27.

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