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Mitsubishi Materials shares fall on fake data scandal
http://www.bbc.com/news/business-42105366Mitsubishi Materials shares fall on fake data scandal
6 hours ago
From the section Business
Mitsubishi Materials, a division of one of Japan's biggest conglomerates, saw shares fall by as much 11% on Friday after admitting to a quality scandal. Three of its units were found to have falsified data for products supplied to nearly 300 companies in the aerospace, car and electric power industries. No safety issues have been reported.
(snip)
Mitsubishi Materials said it first became aware of the "misconduct" at its divisions in February and opened an investigation in the wake of the Kobe Steel scandal. Mitsubishi Materials has a 45% share in a copper tube joint venture with Kobe Steel, including the Hatano plant that is at the centre of the Kobe scandal.
On Thursday Mitsubishi Materials apologised for the manipulation and promised to strengthen its quality control procedures to stop the problem being repeated. The firm said the impact of the quality scandal on its financial results "are currently unknown". It is scheduled to hold a press conference later on Friday.
