Toho Holdings rejects 3D Investment Partners' committee request

Toho Holdings announced on December 26, 2025, that its outside directors received letters on December 3 and December 15, 2025, from 3D Investment Partners Pte. Ltd. (3D) requesting the establishment of a third-party committee to investigate past antitrust violations. After careful deliberation with multiple experts, the outside directors concluded that establishing such a committee is unnecessary.

The company stated that since the antitrust incident, it has implemented robust recurrence prevention measures and strengthened its governance and compliance systems. Toho Holdings also established a Special Committee for Strengthening Governance on August 6, 2024, which conducted discussions from September 2024 to October 2025, culminating in a final report on December 9, 2025. The Board of Directors has adopted 12 concrete initiatives based on this report.

Given these efforts and the passage of six to ten years since the incident, the outside directors believe that allocating significant resources to investigate the past is less beneficial than focusing on future initiatives such as improving capital efficiency, strengthening governance effectiveness, and reforming human resources strategies to maximize corporate value and shareholder interests.