Tokyo-- The head of Japan's Fuji Television Network announced on Friday plans to launch an independent investigation into allegations of sexual misconduct by one of the country's top celebrities and company executives.

Former SMAP boy band member Masahiro Nakai, now a popular TV host for the network, has been linked to sexual assault allegations by local media reports at a party allegedly arranged by a Fuji TV employee .

The issue had a negative impact on the TV company's share price and led to one of its largest shareholders writing a letter expressing concerns about its corporate governance.

Fuji TV President Minato Mitsuru apologized on Friday for "causing great trouble and concern as a result of the (media) coverage" and said an external panel would investigate the conduct of company officials, including himself.

The scandal stems from reports in the weekly Shukan Bunshun starting in December that Nakai had reached a 90 million yen ($580,000) settlement with a woman suspected of sexual misconduct at a dinner party last year.

On January 9, Nakai issued a statement on his official website admitting that he had settled his "trouble" with a woman. He denied any violence or the involvement of anyone else and said he responded in good faith to the woman's demands in the settlement.

"This trouble is entirely due to my shortcomings," Nakai said in a statement.

Before announcing a formal investigation, Rising Sun Management criticized the network for a lack of transparency and asked a third party to investigate. Rising Sun Management is a subsidiary of US investment management company Dalton Investments, which owns part of Fuji Television.

"The uproar created by Mr. Masahiro Nakai ... not only reflects problems in the entertainment industry as a whole, but specifically, it exposes serious flaws in your corporate governance," Asahi said in an open letter to Fujifilm's board of directors. January 14th.

"The lack of consistency in reporting the facts and, more importantly, the lack of transparency, as well as the inexcusable flaws in the subsequent response, deserves serious condemnation and will not only undermine the trust of our viewers but also directly result in the loss of shareholder value. As your largest One of the shareholders controls more than 7% of the company’s shares. We are very angry!”

Nakai was the leader of the five-member singing and dancing boy band SMAP, which debuted in 1988 and quickly became popular in Japan and across Asia until it disbanded in 2016.

Following the accusations, major Japanese television networks have suspended or removed scenes from his shows.

Nippon Television Network said Nakai will resign as host of the variety show after a thorough review of the situation.

The scandal follows now-defunct talent agency Johnny & Associates, which runs SMAP and many other groups, admitted in 2023 that its late founder and entertainment mogul Johnny Kitagawa sexually abused hundreds of teenage boys and young men.