Kansai Electric Sues 5 Former Executives over Gift Scandal

Economy

Osaka, June 16 (Jiji Press)--Kansai Electric Power Co. <9503> said Tuesday it has filed a lawsuit against former Chairman Makoto Yagi and four other former executives for damages of 1,936 million yen over a high-profile gift scandal.

The other four sued in the lawsuit filed with Osaka District Court are former President Shigeki Iwane, former Chairman Shosuke Mori, former Executive Vice President Hideki Toyomatsu and former director Ryohei Shirai.

Kansai Electric concluded that the five caused damage to the company by neglecting their duty of care as directors.

In the scandal, Kansai Electric officials received money and goods from a former deputy mayor of the town of Takahama, Fukui Prefecture, which hosts a nuclear power plant run by the company.

The company did not sue current executives, including President Takashi Morimoto, saying that they have not neglected their duty.

[Copyright The Jiji Press, Ltd.]

Jiji Press