Japanese AI Developer Alt Goes Bust after Accounting Fraud
Tokyo, July 31 (Jiji Press)--Japanese artificial intelligence developer Alt Inc., which revealed accounting irregularities recently, has filed for bankruptcy protection with Tokyo District Court under the civil rehabilitation law.
The court accepted the application, according to the Tokyo-based company's announcement Wednesday. Alt left debts totaling about 2.4 billion yen and aims for its rehabilitation by finding a sponsor entity that will take over its operations. Alt's line of business includes a service to create meeting summaries using AI.
The company went public on the Tokyo Stock Exchange's Growth section for startups in October 2024, 10 years after its establishment in 2014.
However, suspicions of accounting fraud surfaced at the company in April this year.
On Monday, Alt said in an investigation report that the company padded its sales in the four years through December 2024 by a total of 11.9 billion yen. The firm's founder, Kazutaka Yonekura, resigned as its president the same day.
(2025/07/31-08:05)
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