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Kaname Capital Renews Demand for Independent Third-Party Investigation at Fukuda Denshi; Sets May 29 Deadline Ahead of June 26 AGM

BOSTON--(BUSINESS WIRE)--Kaname Capital, L.P. ("Kaname Capital") today released an open letter to the Board of Directors and Audit & Supervisory Board of Fukuda Denshi Co., Ltd. (TSE: 6960; "Fukuda Denshi"), renewing our demand for the establishment of an independent third-party investigation committee.

Read the open letter. It contains the full documentary case for our renewed demand. We urge readers, shareholders, and members of the press to engage with it directly.

Fukuda Denshi's May 21, 2026 response declined every one of our demands. On the points it engaged, it is contradicted by what current and former Fukuda Denshi employees have told us. Our open letter alleges that Chairman Fukuda ran a cash-reimbursement scheme for entertainment expenses, used the headquarters underground parking facility as his personal garage, that expense reimbursement forms were falsified before reaching the accounting department, and that the company's own May 14 and May 21 disclosures cannot be reconciled.

We have requested a written response by Friday, May 29, 2026. If a third-party committee is not established by that date, we will publicly oppose the reappointment of Chairman Fukuda and the directors who have shielded him at the 79th Annual General Meeting of Shareholders on Friday, June 26, 2026.

Stakeholders with information relevant to this matter — current or former Fukuda Denshi employees, business counterparties, healthcare workers, or others — are invited to contact us at contact@kanamecapital.com. Anonymous submissions are welcome and will be protected.

[Attachments]
[English] 1. Open Letter to the Board of Directors and Audit & Supervisory Board of Fukuda Denshi Co., Ltd., dated May 22, 2026
https://9b5cc9f0-1871-48d4-9379-a0f7002dcedd.usrfiles.com/ugd/9b5cc9_ea5eb5fdbb9443df89e7aa55c8b44077.pdf

[Japan] 2. Response Letter from Fukuda Denshi Co., Ltd., dated May 21, 2026
https://9b5cc9f0-1871-48d4-9379-a0f7002dcedd.usrfiles.com/ugd/9b5cc9_49de46f8a1f4477d98cb01fc29488de9.pdf

Contacts

Kaname Capital, L.P.
contact@kanamecapital.com
+1-617-221-3584
201 Washington Place, 26th Floor, Boston, MA 02108

Industry:

Kaname Capital, L.P.

Release Versions
EnglishJapanese

Contacts

Kaname Capital, L.P.
contact@kanamecapital.com
+1-617-221-3584
201 Washington Place, 26th Floor, Boston, MA 02108

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