by Rishi Iyengar @Iyengarish
Another day, another
admission of wrongdoing by a Japanese corporate giant.
Mitsubishi Materials said
Thursday that it had falsified data on multiple products -- including
components used in cars and airplanes -- for more than a year, adding to
Japan's growing list of corporate scandals.
At least two of the
company's subsidiaries faked data to meet specifications set by clients, it
said in a statement.
Mitsubishi Cable Industries
had been misrepresenting data on rubber sealants used in automobiles and
aircraft, the company added. Data was falsified for around 270 million units sold
between April 2015 and September 2017 to a total of 229 customers.
Another subsidiary,
Mitsubishi Shindoh, had been fudging details of some of its metal products for
at least the past year, including brass and copper parts used in the automotive
and electronics industries. At least 29 companies are believed to have bought
the parts in question.
"We have not at this
time identified any instances of illegal conduct or concerns relating to safety
at either [subsidiary]," Mitsubishi Materials said. The company is part of
the sprawling Mitsubishi(MSBHY) group.
It said it was impossible to
estimate the financial fallout at this stage. Japanese markets were closed
Thursday for a holiday.
Related: What's wrong with
Japan Inc?
Japan Inc., once the envy of
the world for its manufacturing prowess, has been struggling with a series of
embarrassing controversies.
A month ago, Kobe Steel
admitted to falsifying data on products sold to big clients such asBoeing (BA)
and Toyota (TM), sending its stock tumbling more than 40%.
Mitsubishi is one of many
companies affected by the Kobe Steel scandal, having used metal parts made with
false data in its airplanes. The two companies also have a joint venture to
produce copper tubes.
Related: Kobe Steel scandal
ensnares Boeing and Mitsubishi
Shortly after the Kobe Steel
scandal erupted, top carmakers Nissan and Subaru both admitted they had allowed
uncertified workers to inspect vehicles. They recalled thousands of cars as a
result.
Millions more cars around
the world were recalled because of another Japanese firm, Takata(TKTDQ), whose
exploding airbags led to multiple deaths and forced the company to file for
bankruptcy in June.
Toshiba (TOSBF), meanwhile,
has struggled with an accounting scandal and troubles over its nuclear power
business.
This isn't the first
corporate scandal Mitsubishi has faced, either. The company's automotive
subsidiary, Mitsubishi Motors, admitted to cheating on fuel efficiency tests
last year.
CNNMoney (New
Delhi)http://money.cnn.com/2017/11/23/news/companies/mitsubishi-materials-false-data-kobe-steel/index.html?iid=Lead
Japan’s latest scandal:
Mitsubishi admits faking data
By CNN
(CNN) — Another day, another
admission of wrongdoing by a Japanese corporate giant.
Mitsubishi Materials said
Thursday that it had falsified data on multiple products — including components
used in cars and airplanes — for more than a year, adding to Japan’s growing
list of corporate scandals.
At least two of the
company’s subsidiaries faked data to meet specifications set by clients, it
said in a statement.
Mitsubishi Cable Industries
had been misrepresenting data on rubber sealants used in automobiles and
aircraft, the company added. Data was falsified for around 270 million units
sold between April 2015 and September 2017 to a total of 229 customers.
Related Content: Honda
recalls 900,000 Odyssey minivans; 2nd row seat may tip
Another subsidiary, Mitsubishi
Shindoh, had been fudging details of some of its metal products for at least
the past year, including brass and copper parts used in the automotive and
electronics industries. At least 29 companies are believed to have bought the
parts in question.
“We have not at this time
identified any instances of illegal conduct or concerns relating to safety at
either [subsidiary],” Mitsubishi Materials said. The company is part of the
sprawling Mitsubishi group.
It said it was impossible to
estimate the financial fallout at this stage. Japanese markets were closed
Thursday for a holiday.
apan Inc., once the envy of
the world for its manufacturing prowess, has been struggling with a series of
embarrassing controversies.
A month ago, Kobe Steel
admitted to falsifying data on products sold to big clients such as Boeing and
Toyota, sending its stock tumbling more than 40%.
Mitsubishi is one of many
companies affected by the Kobe Steel scandal, having used metal parts made with
false data in its airplanes. The two companies also have a joint venture to
produce copper tubes.
Shortly after the Kobe Steel
scandal erupted, top carmakers Nissan and Subaru both admitted they had allowed
uncertified workers to inspect vehicles. They recalled thousands of cars as a
result.
Millions more cars around
the world were recalled because of another Japanese firm, Takata, whose
exploding airbags led to multiple deaths and forced the company to file for
bankruptcy in June.
Toshiba, meanwhile, has
struggled with an accounting scandal and troubles over its nuclear power
business.
This isn’t the first
corporate scandal Mitsubishi has faced, either. The company’s automotive
subsidiary, Mitsubishi Motors, admitted to cheating on fuel efficiency tests
last year.
http://wtnh.com/2017/11/23/japans-latest-scandal-mitsubishi-admits-faking-data/
https://www.reuters.com/article/us-mitsubishi-ma-scandal/mitsubishi-materials-says-units-falsified-product-data-idUSKBN1DN09D?il=0
https://www.wsj.com/articles/japans-inspections-scandal-spreads-to-subaru-1509095860
http://www.nytimes.com/1992/09/27/weekinreview/sept-20-27-japan-s-latest-scandal-not-so-strange-bedfellows-gangsters.html
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