Japanese steel manufacturer Kobe Steel came forward admitting to data fraud and cheating that has been going on since the ’70s.
The 112-year-old company admitted to tampering with data regarding the quality of its products back in October 2017, but has just now come out with a report.
The findings come as a response to the Independent Investigation Committee’s investigation. The IIC was established four months ago when Kobe brought in third party auditors to begin investigating the issue.
Kobe, operating internationally as Kobelco is Japan’s third largest steel manufacturer and they supply about half of the world market with wires for valve springs that are used in car engines. They are also one of the leading suppliers of steel parts for airplane and train manufacturers.
It was initially thought that around 500 customers were delivered falsified quality specifications for their purchased materials, but the four-month investigation has increased that number to 688, of which 222 are international clients.
In a press conference the Kobe company CEO Hiroya Kawasaki has publicly stated he will be resigning, as well as Executive Vice president Akira Kaneko.
