Case Details

Type of Claim: Investigating

Claim Period: 1 May 2013 to 12 October 2017

Defendants: Kobe Steel

Jurisdiction: Japan

Governing Law: Japanese law

Limitation: 7 October 2019 (FIEA) and 7 October 2020 (JCC)

 

Case Summary

On 8 October 2017, Kobe Steel admitted to falsifying test data for its aluminium and copper business. Subsequently, Kobe Steel announced further issues for other businesses:

  • 11 October: Steel Powder/Kobelco Research Institute Co
  • 13 October: Affiliates of Aluminium & Copper Business and Iron & Steel Business
  • 20 October: Affiliates of Iron & Steel and Aluminium & Copper Business

On 10 November, Kobe Steel published an internal report of the company’s investigation into root causes and measures to prevent recurrences.

On 6 March 2018, Kobe Steel published an external report into the misconduct at Kobe Steel.

The share price fell from JPY1,368.00 on 6 October 2017 and is currently trading at around JPY1,068, causing the market capitalisation to fall by just over JPY100bn ($1bn) on the news.

Stewarts is investigating with local Japanese counsel the viability of a shareholder claim under the Financial Instruments and Exchange Act (FIEA and the Japanese Civil Code (JCC).

 


 

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