Mitsubishi Materials says push for market share led to data falsification
Reuters
Published Dec 27, 2017 11:11PM ET
Mitsubishi Materials says push for market share led to data falsification
TOKYO (Reuters) - Mitsubishi Materials Corp (T:5711) said on Thursday that a push to expand market share had driven a subsidiary to fake product specification, one of several compliance scandals that have come to light this year in a blow to the reputation of Japan Inc.
Mitsubishi Materials said in November that its subsidiaries falsified data about products, including parts for aircraft and automobiles. Japan's Kansai Electric Power Co (T:9503) said earlier this month that two of its nuclear plants used parts with possibly falsified data supplied by Mitsubishi Cable Industries, one of the units.
Mitsubishi Materials said a committee looking into the case had found that Mitsubishi Shindoh, which was late to enter the market for metal products used in device connectors for cars, had taken orders even when they could not meet customers' product specification.
It also cited an urge to approve products to prevent losses, and a lack of awareness about compliance and quality assurance among its staff.
Other companies that have admitted to product data falsification including Kobe Steel (T:5406) and Toray Industries (T:3402) have also blamed a focus on profit, lax quality controls and staffing shortages.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.