V-cube Launches Special Probe Into TEN Advisory Fee Irregularities

The latest update is out from V-cube ( (JP:3681) ).

V-cube has formed a Special Investigation Committee of independent legal and accounting experts after uncovering irregularities surrounding advisory fees paid by former consolidated subsidiary TEN Holdings. The move follows the discovery that former representative director Naoaki Mashita issued an unauthorized letter committing V-cube to financially support TEN’s advisory fee payments, and that the contracting parties and payment recipients for those fees did not match.

The committee will investigate the facts of these transactions, search for similar cases, analyze root causes and propose measures to prevent recurrence, reflecting the company’s recognition of a material weakness in internal controls. V-cube said it will assess the impact on earnings and its ongoing sponsor negotiations with Japan Innovation Investment, and it is working to file its annual securities report for the year ended December 2025 by the April 30 deadline, signaling efforts to stabilize governance and regulatory compliance.

More about V-cube

V-cube, Inc. is a Japan-based technology company listed on the Tokyo Stock Exchange Prime Market that provides digital communication and related services. Through subsidiaries such as TEN Holdings, which listed on Nasdaq in 2025, the group focuses on capital market-driven growth and overseas expansion, making governance and internal controls critical to its market positioning and stakeholder trust.

Average Trading Volume: 1,513,813

Technical Sentiment Signal: Sell

Current Market Cap: Yen1.32B

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