March 6, 2018 / 6:22 AM / 17 days ago

Kobe Steel finds more malfeasance, to overhaul board

TOKYO (Reuters) - Kobe Steel Ltd said on Tuesday that an external investigation into a data-cheating scandal had found a new case of inappropriate corporate behavior.

FILE PHOTO - Kobe Steel President and CEO Hiroya Kawasaki attends a news conference in Tokyo, Japan, November 10, 2017. REUTERS/Toru Hanai/File Photo

Announcing the results of the four-month long investigation, the company said it would overhaul its board to ensure a third of its members were external directors. It is due to hold a news conference at 1530 JST (0630 GMT), and media reports have said Chief Executive Officer Hiroya Kawasaki will step down.

Japan’s third-largest steelmaker, which supplies manufacturers of cars, planes and trains across the world, said in October that about 500 of its customers had received products with falsified specifications.

Reporting by Yuka Obayashi; Editing by Chang-Ran Kim

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