IRISO Electronics Co., Ltd.

Connector maker Iriso Electronics announced on the 30th that President Hitoshi Suzuki, 60, resigned effective the same day. The move follows a third-party committee investigation that found improper monetary payments at overseas subsidiaries, and is intended to clarify management responsibility. Senior Managing Director Shuichi Ikeda, 55, will take over as president on October 1. Regarding the company, it has been found that money paid to a local advisory lawyer in connection with a labor dispute at an overseas subsidiary may have reached a judge. At another overseas subsidiary, improper cash payments to customs officials and others had been continued for a long period to smooth customs procedures, and accounting and quality control problems were also confirmed.

On the 24th, the Japan Fair Trade Commission issued a recommendation to Iriso Electronics, a Tokyo Stock Exchange Prime-listed electronic component manufacturer, for violating the Subcontract Act. Since at least June 2024, the company had 34 subcontractors store a total of 508 molds for automotive connector parts and 313 molds for prototypes free of charge. The standard molds weigh about 160 kilograms, and some had been stored for over 30 years. The commission determined this constituted a request for unjust economic benefit and is demanding payment of storage costs and measures to prevent recurrence.