Kobe Steel data fraud review report released

According to foreign media reports, Kobe Steel said on the Nov. 10th, poor quality control, focusing on profitability. It is the cause of the company data widespread fraud. Fake events have caused a major supply chain shake-up for car and aircraft manufacturers worldwide.

Reported that Japan’s third-largest steel maker promised to expand automation and reorganization of quality control system, with a view to get over from one of Japan’s largest corporate scandal.

The 112-year-old company admitted last month that employees tampered with product data for at least 10 years, causing global auto, aircraft and other manufacturers to quick check whether the safety or performance of their products is compromised. As of Friday the company said 474 of the 525 affected customers had no security issues , or their products were considered safe by Kobe Steel.

Japan’s Ministry of Economy, Trade and Industry ordered Kobe Steel to provide a detailed explanation of data fraud last month and explain what measures it will take to prevent future problems.

Kobe Steel president before the Public internal reporting, on the Nov. 10 provide this report to the Japan’s Ministry of Economy, Trade and Industry, manufacturing minister.

Kobe Steel also appointed an external team of investigators to submit a survey report to management before the end of the year. The sources told Reuters that the company’s president 川崎ボー and other executives will decide whether to resign to bear the responsibility of the data fraud scandal after the company receives the investigation report.

“Considering the seriousness of the scandal, we expect executives to be fired,” Thanh Haham, an analyst with Jefferies in Tokyo, said in a report. While there is no mention of when this scene occur.