Japan’s Kobe Steel said a data falsification scandal that has affected more than 200 customers and wiped 40 per cent off the company’s market value since Monday extended into its core steel business.
Friday’s admission by the embattled Japanese group, which experts said could expand the legal and financial implications of the crisis, comes a day after Hiroya Kawasaki, chief executive, publicly played down suggestions that it had sold steel products with false inspection certificates.
Earlier this week, analysts warned investors that because Kobe’s internal investigation would look back 10 years, the scope of the problem was likely to extend into other products.
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