Airbus says has not found suppliers affected by Kobe scandal

13 October, 2017, 18:54 | Author: Wade Massey
  • Kobe Steel Group's logo is seen in Tokyo Wednesday Oct. 11 2017

Investors, anxious about the financial impact and legal fallout, have wiped out about $1.8 billion off Kobe Steel's market value this week after the firm said about 200 companies were affected by its cheating.

The scale of the misconduct at Japan's third-largest steelmaker pummelled its shares as investors, anxious about the financial impact and legal fallout, wiped about $1.8 billion off its market value this week.

A senior government official said managers at Kobe Steel were involved in fabricating data on products used in planes, trains and automobiles, but Kawasaki said his current priority is to deal with safety checks with its clients. Customers have said there are no problems with the safety or function of the products, the spokesman said.

The comments came as a growing list of customers, including major automakers Toyota, Nissan and Honda, scramble to assess the safety of vehicles containing products supplied by the company, which has admitted falsifying quality data for products sold to some 200 clients.

In July previous year, however, Kobe Steel said it had begun mass production of titanium forged parts for A350 landing gear.

More than 30 non-Japanese customers had been affected by the firm's data fabrication, the Nikkei newspaper reported on Friday.

"So far we have not identified any suppliers that procure materials from Kobe Steel for parts fitted on our aircraft", he said by email.

The pipes were delivered to its Fukushima Daini station, located near the destroyed Fukushima Daiichi plant, but have not been used, Tepco said, adding it was checking all its facilities.

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West Japan Railway also foundsubstandardKobealuminum parts in seven high speed trains made by Hitachi and Nippon Sharyo, according to West Japan Railway spokesman Shugo Nishimura.

The head of Japan's Kobe Steel (Other OTC: KBSTF - news) warned Thursday that a quality control scandal engulfing his firm was likely to widen at home and overseas, as he acknowledged that trust in the steelmaker has "fallen to zero".

Chief executive Hiroya Kawasaki on Friday revealed that about 500 companies had received its falsely certified products, more than double its earlier count, confirming widespread wrongdoing at the steelmaker that has sent a chill along global supply chains.

"Trust in Kobe Steel has fallen to zero".

Kobe Steel said the falsification of quality data "has brought overwhelming shame to the company".

The corrosive business practices have raised broader questions over corporate governance in Japan, and cast doubt on the integrity of a manufacturing industry once the envy of the world.

The fallout will likely continue.

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