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The issue has had a negative effects on the television company's share price and led to one of its largest shareholders to write a letter expressing concerns over its corporate governance.

Fuji TV President Koichi Minato on Friday apologized for “causing tremendous trouble and concern due to the (media) reports� and said an external panel would investigate the actions of company officials, including himself.

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

Nakai acknowledged in a Jan. 9 statement on his official website that he had reached a settlement with a woman over “a trouble.� He denied using any violence or anyone else's involvement, saying he sincerely responded to the woman’s requests in the settlement.

“This trouble is entirely because of my shortcomings,� Nakai said in the statement.

The announcement of a formal inquiry comes after Rising Sun Management, which is an affiliate of U.S. investment management firm Dalton Investments -- which partially owns Fuji TV - criticized the network’s lack of transparency and demanded an investigation by a third party.

“The uproar created by Mr. Masahiro Nakai ... reflects not only a problem in the entertainment industry generally, but, specifically, it exposes serious flaws in your corporate governance,� Rising Sun said in an open letter to the board of Fuji dated Jan. 14.

“The lack of consistency and, importantly, transparency in both reporting the facts and the subsequent unforgivable shortcomings in your response merit serious condemnation that serves not only to undermine viewer trust, but also leads directly to erode shareholder value. As one of your largest shareholders, controlling over 7% percent of the company’s stock, we are outraged!�

Nakai was a leader of SMAP, a five-member singing and dancing male band, which debuted in 1988 and quickly surged to stardom in Japan and across Asia until it was disbanded in 2016.

Major Japanese TV networks have suspended programs hosted by him or edited him out of footage following the allegations.

Nippon Television Network Corp. said Nakai was to step down as host of a variety program following a thorough review of the situation.

The scandal comes after now-defunct talent agency Johnny & Associates, which managed SMAP and many other groups, admitted in 2023 to sexual abuse against hundreds of teenage boys and young men by its late founder and entertainment mogul Johnny Kitagawa.