Evidence No.00

[Infroneer HD] Contact Form Submission Confirmation

Date/Time: March 16, 2025, 10:09 JST

Sender: no-reply@contact.infroneer.com

To: shukku9998@gmail.com

Thank you for your inquiry through our website.

The details of your inquiry are as follows:

[Name]: Shunsuke Kimura

[Company Name]: Maeda Corporation

[Department and Title]: Kansai Branch, Facilities Department, Chief Engineer

[Email Address]: shukku9998@gmail.com

[Email Address (Confirmation)]: shukku9998@gmail.com

[Phone Number]: [Redacted for privacy]

[Postal Code]: [Redacted for privacy]

[Address]: [Redacted for privacy]

[Inquiry/Opinion Content]:

Investigation Request: Accounting Fraud and Labor Accident Cover-Up by Maeda Corporation

Contact Person for This Matter:

Mr. Tsuji, Team Leader, Compliance Department, Maeda Corporation

(Evidence has been shared.)

■ Overview of the Case

On March 16, 2025 at 10:09 JST, I submitted this inquiry regarding accounting fraud and labor accident concealment at Maeda Corporation, a subsidiary of Infroneer Holdings Corporation, after already reporting the matter to relevant government authorities.

This inquiry is to confirm your company’s policy and response regarding this matter.

The current status is as follows:

■ Status of Governmental Responses (Detailed Report)

■ Reports Submitted:

• March 13, 2025 – Ministry of Health, Labour and Welfare

- Pointed out labor inspection office deficiencies; ministry issued direct instructions and requested an investigation into labor accident concealment. → Accepted, official instructions issued to the Labor Standards Office.

• March 13, 2025 – Ministry of Economy, Trade and Industry

- Raised corporate governance issues; response stated no authority to sanction but formally recommended referral to police.

• March 13, 2025 – Financial Services Agency

- Reported financial risks and suspected accounting fraud. → Accepted, investigation into the parent company confirmed.

• March 15, 2025 – Labor Standards Inspection Office

- Based on MHLW instructions, formally requested investigation into labor accident concealment and Labor Standards Act violations.

• March 15, 2025 – Consumer Affairs Agency

- Based on METI’s recommendation, filed request for investigation into whistleblower protection and corporate compliance.

- (Formal whistleblower notification to be submitted on April 15.)

• Police (Planned report based on formal METI recommendation) → High likelihood that the company will be held criminally responsible.

■ Suspected Accounting Fraud (Fiscal Years 2022, 2023, 2024)

🔷 False labor cost entries due to labor accident concealment

- Costs that should have been recorded as work-related injuries were misallocated to other expense items.

- Suspected ongoing fraudulent treatment since 2022.

🔷 False reports to the auditing firm

- Information was concealed so that auditors could not verify labor costs accurately.

- Issues that should have been identified by proper auditing were hidden.

🔷 False declarations regarding the accuracy of financial statements

- Management suspected of intentionally continuing improper financial reporting.

🔷 Deception of investors, shareholders, and financial institutions due to accounting fraud

- Overstated corporate value.

- Financial statements presented a rosier picture than reality.

■ Your Company's Strategic Options

This notification is for information-sharing purposes only and is not a demand for action.

However, after April 1, your company will be left with two clear choices:

✅ Settlement → Ensure corporate continuity and minimize damage

✅ Rejection of settlement → Escalation to criminal prosecution, confirmation of accounting fraud, administrative penalties, media scandal, and impact on the parent company

🔷 The Financial Services Agency’s investigation may extend to the parent company and question the adequacy of the auditing firm’s role.

🔷 Depending on the response of the auditing firm, the parent company may also be affected.

🔷 If the auditing firm is found to have violated auditing standards, ripple effects on investors, financial institutions, and business partners are inevitable.

Deadline for appropriate response: April 14, 2025 (Mon), 23:59 JST

→ If no appropriate response is received by the deadline, a formal report to the police will be submitted on April 15 (Tue).

■ About the Critical Evidence

• For detailed evidence related to this matter, please contact Mr. Tsuji, Team Leader of the Compliance Department at Maeda Corporation.
• This case has also been reported to the audit and compliance departments of the parent company, Infroneer Holdings Corporation.

■ Evidence Already Formally Submitted to Relevant Government Agencies

🔷 Official report showing obstruction of labor accident claims

🔷 False reports from the Compliance Department (evidence of concealment)

🔷 Evidence of unjustified settlement refusal and retaliatory personnel actions (possible cover-up maneuver)

🔷 Evidence of reports and ongoing investigations with FSA, MHLW, and METI

🔷 Audio recordings of Mr. Furukawa (Facilities Director) and Mr. Akao (Admin Director) confirming power harassment

🔷 Attendance records since October 2022 and comprehensive medical certificates (proving economic damage and labor accident concealment)

This email was sent automatically by the system.

Please note that replies to this message will not be responded to.

📎 The original Japanese evidence document (PDF) is attached below for reference.