Business

KEPCO chairman steps down over gift scandal

Oct 09, 2019

Tokyo (Japan) Oct 09: The Chairman of Kansai Electric Power Company has bowed to pressure over a cash-and-gift scandal. Makoto Yagi said he is stepping down on Wednesday to take responsibility for the affair.
Yagi and President Shigeki Iwane held a news conference on Wednesday after the KEPCO board approved Yagi's resignation at an extraordinary meeting.
Iwane will stay in his post for the duration of an independent investigation into the scandal. Once it is complete, he will also step down.
KEPCO revealed last month that Yagi and Iwane are among 20 executives and other employees who accepted some 3 million dollars' worth of cash and gifts, including shopping vouchers and gold coins.
The offerings came from Eiji Moriyama, the late former deputy mayor of Takahama Town in Fukui Prefecture.
The town is home to one of the utility's nuclear plants.
Yagi and Iwane both initially said they had no intention of resigning.
Source: NHK World

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