ST. PETER PORT, Guernsey, November 20, 2018
ST. PETER PORT, Guernsey, November 20, 2018 /PRNewswire/ --
Prospect Co., Ltd. (the "Company") hereby announces the establishment of a Special Investigation Committee, which consists of third-party experts without interests in the Company, in relation to a tax expense error of a specific overseas project in the previous fiscal years, as announced on November 14, 2018, "Notice on the Delay of Submission of Second Quarter Earnings Report of Fiscal Year Ending March 31, 2019 and Designation of Securities Under Supervision (Confirmation)".
1. Purpose for establishing the Special Investigation Committee
1) Verification on recalculation of tax expense for a specific overseas project
2) Verification of other overseas projects
3) Analysis of the cause and recommendations on preventative measures
4) Other matters recognized as necessary by the Special Investigation Committee
2. Appointment of the Special Investigation Committee
The Special Investigation Committee consists of the following five members:
Chairman - Takeshi Motomura - (Attorney, Iwata Godo Law Firm)
Member - Makoto Shirai - (Attorney, Kohwa Sohgoh Law Offices)
Member - Kenji Kawae - - (CPA, Kawae Kenji Accounting Firm)
Member - Kouhei Yoshida - - (CPA, Atlas Accounting Co. Ltd.)
Member - Manabu Eiguchi - - (Attorney, Iwata Godo Law Firm)
3. Future outlook
The Company will cooperate fully with the investigation by the Special Investigation Committee. In addition, the Company will promptly disclose the findings of the Special Investigation Committee.
The Company expresses its sincerest apologies to its shareholders, investors and all other stakeholders for any concern or inconvenience caused.
Company Name: Prospect Company Limited
Representative: President and CEO Curtis Freeze
(Security Code: 3528 TSE 2nd Section)
Contact: Representative Director Masato Tabata