Corporate Fraud Japanese Style

It isn’t like corporate fraud doesn’t exist in Japan, it does and on a large scale like in this case with KYB Corp. A hydraulic parts manufacture has been exposed for “falsifying inspection data and shipping substandard anti-earthquake equipment”. Well gentlemen, you certainly have some bowing to do so make it deep, just as deep as this fraud is going to dig into their profits. Hope you have insurance and reinsurance gentlemen, you’re going to need it in this fraud. The only question is will the buildings this equipment have been loaded into during construction stand up to earthquakes?
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Source: asahi.com

Data faked for quake equipment in hundreds of buildings

THE ASAHI SHIMBUN • October 17, 2018

[Image] Photo/Illutration KYB President Yasusuke Nakajima, center, and other executives apologize at a news conference in Tokyo on Oct. 16. (Shogo Koshida)

A hydraulic parts manufacturer has admitted to falsifying inspection data and shipping substandard anti-earthquake equipment, sending shock waves among owners and operators of buildings around Japan, including Tokyo Skytree and Tsutenkaku Tower in Osaka.

Executives of KYB Corp. on Oct. 16 said the data falsifications go back to at least 2003, and the numbers were fudged for hundreds of anti-quake products to save time and avoid delays in delivery.

KYB President Yasusuke Nakajima apologized and pledged to replace all products found to have been shipped based on false data.

The Tokyo-based company mainly manufactures shock absorbers for all kinds of vehicles. But it also produces oil dampers used to control vibration and reduce shaking from earthquakes.

The anti-quake equipment was initially produced by KYB, but it is now exclusively manufactured by a subsidiary, Kayaba System Machinery Co.

Please go to asahi.com to read the entire article.

 

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