Japan's Mitsubishi Materials reports faked quality data

Mitsubishi Materials bosses apologised after two of its subsidiaries falsified quality data
Credit
Reuters

Mitsubishi Materials Corp on Thursday said it was working with its two subsidiaries and their customers after these companies were found to have falsified data of products shipped to over 200 customers, in Japan and overseas, in the latest quality compliance scandal involving a Japanese manufacturer.

On the main section on Friday, 1,329.64 million shares changed hands, dropping from Wednesday's volume of 1,603.39 million shares.

Affected products worth 120.9 billion yen were supplied to 29 firms between October 2016 and last month, Mitsubishi Shindoh said.

Mitsubishi Materials said that inspection data was falsified on parts used in aircraft, automobiles and industrial machinery, with more than 250 customers potentially affected.

While the agency is still investigating which equipment has the affected products installed, Mitsubishi Cable told the agency that any impact on the performance of the products in question is not serious enough to require an immediate suspension of operation, agency officials said.

Another subsidiary, Mitsubishi Shindoh, had been fudging details of some of its metal products for at least the past year, including brass and copper parts used in the automotive and electronics industries.

The data was manipulated to match specifications set by the company or its clients and took place in the two-and-a-half years since April 2015, it said in a statement on Thursday.

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However, Mitsubishi Material has informed that no safety or legal issues have been raised in both the cases.

The company said that three of its subsidiaries faked data on products to meet specifications. In the auto sector Nissan Motor Co. has said it conducted vehicle inspections that didn't comply with regulations for nearly four decades, while Subaru Corp. allowed uncertified workers to make final safety inspections on vehicles before they were shipped.

Stock in the Nikkei-225-listed firm was down ¥330 (8.06 percent) to close at ¥3,760, with the wider market fractionally in the green.

"We will make every effort to prevent this from happening again and to improve our internal controls, comply with the law and win back our customers' trust", Akira Takeuchi, Mitsubishi Materials' CEO said.

Mitsubishi Cable stopped shipment of the affected products on Oct 23 and reported its findings to Mitsubishi Materials two days later.

Boeing Co is now looking into the issue, a company spokeswoman said.

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