Nov 20, 2018

The corporate scandals that rocked Japan

The scandal erupting at Nissan, following the arrest of its chairman Carlos Ghosn over allegations of financial misconduct, is far from the first crisis to hit Japan Inc. The allegations against Mr Ghosn - the boss of the Renault-Nissan-Mitsubishi strategic alliance - could have a seismic effect on the global car industry. In recent years, dealt with a number of high-profile corporate scandals. Corporate governance in Japan came under the spotlight again in 2015 when Toshiba revealed that it had overstated its operating profit by nearly $1.2bn. After the accounting scandal at the industrial conglomerate emerged, Japan's finance minister Taro Aso warned of the wider implications for the country's reputation. An investigation into the scandal this year found the firm's management style overemphasised profitability and suffered from inadequate corporate governance. Following the "Dieselgate" scandal that engulfed German carmaker Volkswagen, Japan faced its own emissions crisis.

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