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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "authorName": "Elliott Investment Management",
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  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "Uses news clippings and a bulleted list to connect specific cheating behaviors to broader organizational governance weaknesses.",
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      "text": "Lack of organizations or systems to advance engine development and production in compliance with laws and regulations",
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      "text": "This resulted in: Suspension of 10 vehicle models, Full shipment halt of forklifts, Regulatory and legal fallout.",
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      "text": "A January 2024 Special Investigation Committee report confirmed emissions cheating in nine diesel and LPG engines for TICO's forklifts and three diesel engines for automobiles, including: Modification of ECU software, Substitution of engines, Replacement of parts, Rewrite of values.",
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      "text": "Lack of organizations or systems to advance engine development in compliance with laws; Lack of compliance awareness; Poor attitude among executives; Poor coordination and power imbalances.",
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      "text": "2024 emissions violations show overwhelming evidence that TICO lacks appropriate governance and management frameworks. This needs to be urgently and fundamentally addressed",
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      "text": "Source: TICO Special Investigation Committee report published on January 29, 2024.",
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      "text": "Emissions Scandal Created Significant Overhang",
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