Kobe Steel Ltd (5406.T)
22 Mar 2018
Fri, Mar 16 2018
Kobe Steel's new president on Friday said he may seek mergers or alliances outside the company for one or more of its business divisions, as he battles to repair damage from a data fraud scandal that roiled Japanese industry. | Video
* New president says may seek mergers for individual divisions
TOKYO Japan's Kobe Steel Ltd on Friday appointed the head of its machinery business as its new president and chief executive, looking outside its major steel division for leadership in the wake of a widespread data fraud scandal.
* Will hold news conference next Friday (Recasts with company announcement)
March 9 Kobe Steel Ltd plans to appoint machinery business boss Mitsugu Yamaguchi as president, to replace Hiroya Kawasaki who is resigning over a quality control scandal, the Nikkei reported on Friday.
NEW YORK/TOKYO U.S. consumers have filed a lawsuit against Kobe Steel Ltd and Toyota Motor Corp accusing the companies of violating consumer protection laws and engaging in fraud by concealing the use of substandard metal components in vehicles. | Video
* Proposed lawsuit is 1st U.S. consumer complaint for Kobe Steel
NEW YORK, March 6 U.S. consumers have filed a lawsuit against Kobe Steel Ltd and Toyota Motor Corp accusing the companies of violating consumer protection laws and engaging in fraud by concealing the use of sub-standard metal components in vehicles.
TOKYO Kobe Steel Ltd admitted on Tuesday its data fraud has been going on nearly five decades and also revealed new cases of cheating, highlighting the challenges facing the 112-year-old company mired in compliance failures and malfeasance.
* Company past littered with compliance failures, malfeasance