Kobe Steel May Have Faked Data for Over a Decade [Bloomberg Business News]
KOBE STEEL SPON ADR (KBSTY)
NASDAQ:AMEX Investor Relations:
kobelco.co.jp/english/ir
Company Research
Source: Bloomberg Business News
By Stephen Stapczynski Company tells analysts liquidity isn’t an issue, no recalls Real estate unit on block as firm considers asset sales Kobe Steel Ltd. ’s investigations into faked product data will probably reveal that the practice began more than ten years ago, according to a company executive. As the company works to contain the fallout from the scandal, it has briefed analysts that short-term liquidity isn’t an issue as it seeks to generate cash including via asset sales. Kobe’s global review of its business units is likely to show further instances of data falsification, the executive said , asking not to be named as the information isn’t public. The company said last week that the oldest misconduct it has uncovered so far dates back to 2007. The Nikkei newspaper reported Tuesday that irregularities over quality control at Kobe Steel’s plants in Japan date back decades
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