As disclosed in our announcement dated July 1, 2025, titled ” Notice Regarding Establishment of a Special Investigation Committee,” ACSL Ltd. (“ACSL” or the “Company”) had established a Special Investigation Committee (the “Committee”) to conduct an objective and independent investigation into the misconduct by our former Representative Director, Mr. Satoshi Washiya (the “Former Representative Director”). The misconduct involved abusing his position for personal gain by engaging in fictitious and inappropriate transactions with certain business partners (the “Incident”).
We hereby announce that we have received the final investigation report from the Committee as summarized below.
We deeply apologize for the significant concern and inconvenience this matter has caused to our shareholders, investors, business partners, employees, and other stakeholders. ACSL takes the findings of the Committee with the utmost seriousness and is committed, company-wide, to restoring trust and preventing recurrence.

1. Investigation Findings by the Special Investigation Committee
For the details of the investigation findings, please refer to the attached “Investigation Report Official Version” (the “Report”). Please note that certain information has been redacted to protect personal and confidential information.

2. Impact on Financial Results
According to the Report, the Incident had no impact on past financial results. Therefore, there is no need to revise previously disclosed annual securities reports, quarterly reports, or the earnings release for the first quarter of the fiscal year ending December 31, 2025.
The Committee also investigated whether similar incidents had occurred, and confirmed that no such cases were identified.
The financial impact of the Incident on the Company is estimated to be JPY 151.8 million, as stated on page 38 of the Report. Regarding the accounting treatment of the Incident, we are working with our auditing firm to conduct the necessary verification and will appropriately reflect the outcome in the financial statements from the second quarter onward of the fiscal year ending December 31, 2025.
Preparation for the earnings release and semi-annual report for the second quarter of the fiscal year ending December 31, 2025, is progressing as scheduled, with planned disclosure on August 14, 2025.
We are currently assessing the potential impact of the Incident on our business. If any revisions to the full-year earnings forecast become necessary, we will promptly disclose the information.

3. Response and Remediation Plan
(1) Formulation of Recurrence Prevention Measures
The Committee’s report included recommendations regarding the need to (i) ensure proper evaluation and appointment processes for Representative Director, (ii) improve transparency in executive decision-making, and (iii) strengthen internal governance over contract execution and payment approval.
We take these findings seriously and will promptly implement concrete and effective measures to strengthen our internal controls. Once recurrence prevention measures are finalized, we will make timely an appropriate disclosure.

(2) Actions Against the Former Representative Director
According to the Committee’s findings, the Former Representative Director created and executed numerous fictitious contracts to misappropriate Company funds for personal debt repayment, while providing false explanations to internal stakeholders.
The Company recognizes that these acts, driven by the Former Representative Director’s personal motives and discretion, constitute a grave breach of trust, causing significant damage to the confidence of shareholders, investors, business partners, employees, and other stakeholders.
Accordingly, we are preparing to take strict legal action against the Former Representative Director, including filing a criminal complaint.

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