Kansai Electric President, 3 Others Resign over Gift Scandal

Economy

Osaka, March 14 (Jiji Press)--Kansai Electric Power Co. <9503> announced on Saturday the resignation of four officials including President Shigeki Iwane, to clarify management responsibilities over a high-profile gift scandal.

The announcement comes as a third-party panel submitted to the power utility on the same day an investigation report on the scandal.

Six members of the board including Takashi Morimoto, who succeeded Iwane as president, will have their monthly pay reduced by 20 pct for three months.

Along with Iwane, Shosuke Mori, a consultant, former Chairman Makoto Yagi and former Executive Vice President Hideki Toyomatsu resigned over the scandal. Yagi and Toyomatsu were part-time staff after stepping down from their former posts.

According to the panel report, 75 executives and other people received gifts worth a total of 360 million yen from a former deputy mayor of a nuclear plant host town.

[Copyright The Jiji Press, Ltd.]

Jiji Press