Japan's top three steelmakers post red ink for April-June quarter
All three major Japanese steelmakers plunged into the red in the April-June quarter as the coronavirus crisis led automakers and other clients to suspend production, dragging down demand. JFE Holdings Inc. reported a group net loss of ¥39.1 billion on sales of ¥743.9 billion, down ...
Kobe Steel and Pasco also hit by cyberattacks, Japan Defense Ministry reveals
Kobe Steel Ltd. and satellite data provider Pasco Corp. have come under cyberattacks in the latest in a series of confirmed cases targeting defense-related companies in Japan, the Defense Ministry has said. No leakage of classified information has been confirmed from either of the two ...
Highlighting industry's troubles, Kobe Steel's shares take huge hit
Kobe Steel Ltd. tumbled as much as 13 percent in Tokyo to hit the lowest level in almost seven years after Japan's third-biggest steelmaker swung to a first-quarter loss and warned that full-year profit will collapse. The shares sank the most since 2017 after the ...
Kobe Steel hit with ¥100 million fine over data fabrication that continued for four decades
A Tokyo court ordered Kobe Steel Ltd. on Wednesday to pay a ¥100 million ($898,000) fine for fabricating product quality data at its domestic plants. The Tachikawa Summary Court found that three of the steelmaker's plants had sent about 300 falsified product certificates to clients ...
Japan demonstrates how too many rules can ruin governance
Culture of over-regulation helps explain the country's persistent problem with data falsification.
Prosecutors indicted Kobe Steel Ltd. on Thursday on suspicion the firm violated a law that prevents unfair competition by fabricating data related to the quality of its products. But they exempted four plant officials from prosecution, with investigative sources saying the officials were not fully ...
Kobe Steel and plant officials referred to prosecutors over data falsification scandal
Police referred Kobe Steel Ltd. and four of its plant officials to prosecutors Tuesday over a scandal that involved fabricating data related to the quality of its products, investigative sources said. The company and the officials from three of its domestic plants allegedly violated a ...
Kobe Steel expected to be indicted in data fabrication scandal
Kobe Steel Ltd. is expected to be indicted over a data fabrication scandal that rocked the manufacturing industry, as police are set to refer the company to prosecutors possibly next week, sources familiar with the matter said Thursday. The actions are likely to be taken ...
Prosecutors, police raid Kobe Steel offices over data fabrication scandal
Offices raided in Kobe, Tokyo and other locations Tuesday over a law that prevents unfair competition, which authorities believe the company violated by systematically misrepresenting its products.
Prosecutors to raid Kobe Steel over quality data fabrication
Prosecutors are poised to search sites linked to Kobe Steel Ltd. over quality data fabrication by the company, sources close to the situation said. The prospect of a search emerged after Kobe Steel said in late April that investigators had begun a probe into the ...
Corporate Japan's tarnished image can only be restored by thorough efforts to uncover the cause of the data falsifaction scandals and to ensure that they don't happen again.
Kobe Steel posts first profit in three years despite data fraud scandal
Kobe Steel Ltd., Japan's third-biggest steel-maker, on Friday posted its first annual profit in three years, even after admitting to falsifying quality data, a scandal that affected hundreds of customers and hurt the country's reputation for manufacturing prowess. Kobe Steel reported profit of ¥63.19 billion ...
