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Kobe Steel CEO resigns over scandal

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Added On March 8, 2018

Kobe Steel Ltd. said its CEO will resign over the firm's data fabrication scandal.
 
Analysts said the scandals have had a wide-reaching impact on industries both domestically and internationally.
 
At a board meeting held Monday, the resignations of CEO Hiroya Kawasaki, as well as Akira Kaneko, the executive vice president, were provisionally approved.
 
The CEO said that he felt heavy responsibility as the data falsification has caused so much trouble to so many customers. 
 
SOUNDBITE(JAPANESE): HIROYA KAWASAKI, CEO of Kobe Steel Ltd.
"As we have caused so much trouble to our customers, business partners, shareholders and related parties, I'd like to express my sincere apologies."
 
The firm also released its final report on the data fabrication misdemeanors. 
 
The report is a result of a lengthy internal probe carried out by a committee comprised of lawyers.
 
The embattled steelmaker is expected to pick its new executives as early as next month.
 
SOUNDBITE (JAPANESE)HIROYA KAWASAKI, CEO of Kobe Steel Ltd. 
"On April 1st, I'll offer my official resignation and become a board member."
 
Kawasaki became CEO at Kobe Steel in 2013.
 
Kobe Steel Ltd. had initially admitted to falsifying inspection data on a number of products. 
 
The Japanese government said it has tasked industrial standards-approved bodies to carry out inspections at the company's plants.